Crypto ETF Rally Evaporates: IBIT and ETHA Lose Most of 2025 Gains

Spot bitcoin and ether ETFs tumbled to four-month lows this week as a broad sell-off in crypto assets gathered steam.

Bitcoin was trading around $101,000 midday Tuesday, flirting with the psychologically important $100,000 mark. The cryptocurrency last dipped below that level in May, according to data from CoinMarketCap. Ether also weakened, sliding under $3,400, a price last seen in mid-July.

Bitcoin is now down roughly 19% from its all-time high near $125,000 reached in October, while ether has dropped about 30% from its August peak around $4,800. Other coins have been hit even harder. Solana, for instance, has plunged nearly 40% since its September high.

That slide has weighed heavily on the newly launched Bitwise Solana Staking ETF (BSOL), which debuted just last week. The fund has already attracted about $420 million in assets but is down roughly 20% from its launch price as the broader crypto downturn drags on.

New Launches Keep Coming

Despite the pullback in prices, the crypto ETF ecosystem continues to expand. On the same day that BSOL launched, Canary rolled out two additional spot crypto ETFs—the Canary Litecoin ETF (LTCC) and the Canary HBAR ETF (HBR)—marking the first U.S.-listed funds tied to those assets.

The iShares Bitcoin Trust (IBIT) remains the category heavyweight with $85.5 billion in assets under management, while the iShares Ethereum Trust (ETHA) has grown into a $14 billion fund amid strong inflows this year.

Dozens of additional crypto ETFs targeting other crypto assets are expected to launch in the months ahead. 

But for now, enthusiasm is cooling. IBIT is up just 7.7% year-to-date, while ETHA has given up nearly all its 2025 gains. At their highs earlier this year, IBIT had been up 34% and ETHA an eye-popping 45%.

The turnaround shows how quickly momentum and sentiment can reverse in crypto markets.