Assets under management across U.S. cryptocurrency exchange-traded funds have plunged to a level last seen in November 2024, roughly 19 months ago, according to the latest reading from Artemis.
U.S. crypto ETF AUM peaked at $191.4 billion in October 2025 with $107 billion exiting since.
Back then, U.S. crypto ETF AUM came entirely from Bitcoin and Ethereum, the only two assets with ETF products on the market at the time, and the pair held a combined value of roughly $75.1 billion.
Today, Artemis data covering U.S. ETFs for Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Hyperliquid [HYPE], and Solana [SOL] totals roughly $84 billion, only marginally higher than that figure despite three additional assets now carrying ETF products.
That disparity – five assets generating barely more in AUM than two did 19 months ago – reflects the broader bearish trend that has gripped the cryptocurrency market over the past several months.
The bear market that began in October 2025 has since wiped out $2.24 trillion in total market capitalization, excluding stablecoins, confirming a wide retreat among both crypto-native and traditional investors.
Bitcoin mirrors the broader crypto downturn
Bitcoin remains a proxy for the wider crypto market, and the current readings reflect that weakness.
The Coinbase Premium Index, which gauges U.S. investor appetite for the asset, shows selling pressure building from April 15, when the index began to slide gradually, before that pressure intensified by April 23.
The index measures Bitcoin demand on U.S. venues against global demand on Binance. When it falls, U.S. buyers are pulling back relative to the rest of the market, and a reading that sits in negative territory signals a steeply bearish stance among traditional investors.
At the time of reporting, the index has slipped to the negative side, printing -0.086 on the seven-day simple moving average (SMA).
U.S. Spot Bitcoin ETFs confirm the same trend. After recording their second-highest weekly inflow on the 17th of April, weekly flows have since collapsed.
The Ethereum premium index shows a similar move, beginning its decline over the same April window and now residing in negative territory, with U.S. spot Ethereum ETF inflows starting to fall from the 17th of April.
Unfavorable global economic conditions
Global economic conditions, compounded by the war involving Iran, the U.S., and Israel, have been a major factor keeping capital out of risk assets, particularly among traditional institutions.
The conflict hit key parts of the global economy through oil-driven inflation, which pushed prices higher and has been tied to the capital retreat from risk assets, with U.S. inflation reaching 4.2% – a 40 basis point increase from its April reading of 3.8%.
Factors like these drive the U.S. pullback from risk assets as investors rotate into less volatile alternatives such as government debt, where the 10-year Treasury yield hit 4.68%, a level last reached in January 2025.
Final Summary
- The U.S. crypto ETF AUM fell from a $191.4 billion peak in October 2025 to roughly $84 billion, with about $107 billion exiting since.
- U.S. investors are leading the retreat, with the Coinbase Premium Index turning negative and Spot Bitcoin ETF inflows collapsing after April.
