Ethereum just closed the fourth worst Q4 in its history. According to CoinGlass data shared by Wu blockchain, Ethereum closed Q4 2025 with a 28.28% loss to mark the fourth worst Q4 performance in its history.
Ethereum declined from September to December, marking a bearish end to the year 2025. The second largest cryptocurrency closed December down 0.84%, marking four straight months of decline.
Ethereum ended December with little sign of the year-end rally that traders often rely on, capping a red Q4 amid thin liquidity and risk appetite waning.
According to Coinglass data, Bitcoin’s return in Q4 2025 was -23.07%, well below the historical average of 77.07% and the median of 47.73%, marking the second-worst Q4 performance on record, behind only Q4 2018 at -42.16%. Ethereum’s return in Q4 2025 was -28.28%, ranking as the… pic.twitter.com/Fh34X9QcvW
— Wu Blockchain (@WuBlockchain) January 1, 2026
The crypto market's "Santa rally" never really arrived as repeated attempts to reclaim key levels were sold into, while Ethereum fell lower.
According to Glassnode, ETF flows show no renewed demand at 2025's close, with the 30 day SMA of netflows for both Bitcoin and Ethereum ETFs remaining negative.
This matters because crypto has historically relied on strong late-year flows to set up early-cycle momentum.
Ethereum ended 2025 with 11% amid waning momentum after reaching a record of nearly $5,000 in August of the year.
What's ahead in 2026?
Ethereum developers have agreed on the timing of ETH network’s second major upgrade in 2026.
Hegota will follow Glamsterdam, Ethereum’s next major upgrade, which is currently expected to roll out in the first half of 2026.
According to Ethereum creator Vitalik Buterin, Ethereum did a lot in 2025: gas limits increased, blob count increased, node software quality improved and zkEVMs hit various performance milestones.
Going forward, Buterin says that Ethereum needs to do more to meet its own stated goals, adding that the mission remains building a world computer that serves as a central infrastructure piece of a more free and open internet.
