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Ethereum spot ETFs post highest monthly outflow of $1.4 billion in November, breaking seven-month streak

Meanwhile, ethereum developers are preparing for the activation of Fusaka, the next network upgrade.

12/1/25 12:07PM

Ethereum spot ETFs just saw their highest monthly outflow ever, losing $1.4 billion in November and breaking a seven-month streak of inflows. Cumulative net inflows now stand at more than $12.9 billion, data from SoSoValue shows.

The outflows of the ethereum-focused investment funds were lower than bitcoin spot ETFs, which saw nearly $3.5 billion in monthly outflows. On the other hand, nascent ETFs of other cryptocurrencies, such as solana, dogecoin, XRP, and litecoin, saw positive inflows in November.

After experiencing a relief rally during the Thanksgiving holiday that saw the price of ethereum return to above $3,000, the second-largest cryptocurrency has declined almost 9% in the last 24 hours.

Meanwhile, BitMine Immersion Technologies, the largest ethereum treasury firm, announced acquiring 96,798 tokens last week, bringing its total holdings of ethereum to 3.7 million tokens, per a Monday press release.

Network upgrade coming soon

The developments come as ethereum developers are gearing up the next network upgrade, scheduled for activation on Wednesday. Dubbed “Fusaka,” it aims to improve the experience for both users and developers alike.

Ethereum’s network upgrade marks the second of 2025, with the last one occurring in May.

Fusaka focuses on strengthening ethereum’s core fundamentals rather than price action in the short term, per Sam Klehr, global head of business development at staking provider Chorus One.

“Historically, upgrades that lower costs and improve performance support healthier long-term ecosystem growth: more applications, more activity, and more value settling on the network,” Klehr told Sherwood News. “Those underlying dynamics are what ultimately matter for ethereum’s valuation.”

ETHZilla, one of the largest ethereum treasury firms, with around $262.7 million worth of tokens, says the Fusaka upgrade “strengthens Ethereum’s position as a high-capacity settlement layer capable of supporting compliant, institutional-grade tokenization at scale,” according to John Kristoff, ETHZilla’s senior vice president of investor relations.

“The upcoming Ethereum Fusaka upgrade represents a meaningful step forward for real-world asset tokenization,” Kristoff told Sherwood in an email. “Fusaka enables Layer-2 networks to process significantly more transaction data at lower cost while maintaining Ethereum’s security layer. This enhanced throughput and efficiency translates directly into more scalable, reliable, and economically viable infrastructure for tokenized assets.”

Sage D. Young21h

Ripple launches treasury platform to manage cash and cryptocurrencies

Ripple, the firm closely tied to the fifth-largest cryptocurrency, XRP, introduced a new treasury platform for digital asset and traditional cash management for users like financial officers, treasurers, and accountants.

Ripple’s move comes more than three months after it acquired treasury software provider GTreasury for $1 billion, one of several steps to grow the firm’s position in corporate finance.

Combining Ripple’s blockchain rails and GTreasury’s software, the new platform’s goal is to simplify treasury operations. It eliminates settlement delays with payment times of three to five seconds and optimizes yield from working capital 24/7 through tokenized money market funds such as BlackRock’s BUIDL and overnight secure repo markets with RLUSD, according to a Tuesday blog post.

Ripple Treasury also aims to provide “real-time cash positions, automated forecasting, and seamless reporting across traditional cash, digital assets, RLUSD, and XRP holdings,” the blog post stated.

Last year, Ripple filed its national banking license application with the US Office of the Comptroller of the Currency, while the firm’s subsidiary Standard Custody & Trust Company applied for a Federal Reserve master account, which would allow Ripple to hold RLUSD reserves directly with the Fed.

XRP has seen $2.4 billion in trading volume in the last 24 hours, increasing 1.8% in the period. The token’s all-time high was set in July 2025 at $3.65. Meanwhile, spot XRP ETFs had nearly $9.2 million worth of inflows on Tuesday, bringing cumulative inflows to $1.4 billion.

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$82B

Sage D. Young1/27/26

Crypto money laundering activity totaled more than $82 billion in 2025, more than 8x higher than 2020’s figure of $10 billion, according to a Tuesday report published by crypto analytics firm Chainalysis. Chinese-language networks dominated the ecosystem, accounting for roughly 20% of the illicit activity, or $16.1 billion, last year:

“Compared to other laundering endpoints, since 2020, inflows to identified CMLNs [Chinese-langugage money laundering networks] grew 7,325 times faster than those to centralized exchanges, 1,810 times faster than those to decentralized finance (DeFi), and 2,190 times faster than intra-illicit on-chain flows.”

Tom Keatinge, director at the Centre for Finance & Security at security think tank Royal United Services Institute, told Chainalysis that the rapid development of Chinese-language networks is an “an unforeseen consequence” of China’s imposition of capital controls.

“Wealthy individuals seeking to move money out of China and evade these controls provide the impetus and liquidity pool needed to service organized crime groups based in the West,” he noted.

Keatinge told Chainalysis, “The professional enablers of this capital flight provide the services necessary to match these two independent yet mutually beneficial needs.”

Chinese-language networks offer six primary money movement techniques to clean dirty money, which include recruiting individuals to rent out their financial identities, selling illicit cryptocurrency at a discounted rate, and obscuring fund origins through multiple transactions.

Overall, this Chinese ecosystem processed nearly $44 million per day last year.

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Avalanche joins class of cryptocurrencies with at least one ETF

Investment management company VanEck on Monday introduced the first exchange-traded fund offering spot exposure to AVAX, the native token for the Avalanche blockchain and the latest cryptocurrency with an ETF.

The new investment vehicle also aims to provide staking rewards for holders, according to the press release. AVAX, which has seen over $354 million in trading volume in the last 24 hours, is up slightly today. The token is trading at $11.70 as of 1:20 p.m. ET, a far cry from its all-time high of $144.96 in 2021.

The nascent VanEck fund joins a group of its crypto-specific ETFs, including the firm’s bitcoin ETF, with $1.4 billion in total assets; its ethereum ETF, which holds $147.5 million; and its solana ETF, with assets totaling $27.9 million.

Ethereum spot ETFs post highest monthly outflow of $1.4 billion in November, breaking seven-month streak

Network upgrade coming soon

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