US investors channelled more than $31.7bn into crypto exchange-traded funds in 2025 despite weaker markets late in the year.
Spot Bitcoin ETFs attracted $21.4bn in net inflows, down from $35.2bn recorded in 2024.
Spot Ether ETFs drew $9.6bn in their first full year of trading after launching in mid-2024.
Spot Solana ETFs debuted in late October and gathered $765m in inflows by year end.
Institutional demand was supported by a more crypto-friendly US administration and faster product approvals.
BlackRock dominated the market, with its iShares Bitcoin Trust posting $24.7bn in inflows.
IBIT’s inflows were five times larger than those of Fidelity’s competing Bitcoin fund.
If you can do $25bn in a bad year imagine the flow potential in a good year.
Eric Balchunas said.
Excluding IBIT, other spot Bitcoin ETFs recorded combined outflows of $3.1bn.
Grayscale’s Bitcoin Trust saw about $3.9bn leave the fund over the year.
BlackRock’s Ethereum ETF remained the market leader with nearly $12.6bn in inflows.
Analysts said demand for spot Bitcoin and Ether ETFs has slowed heading into 2026.
Experts expect more than 100 new crypto ETFs to launch in 2026, though many may not survive long term.
We’re going to see a lot of liquidations in crypto ETP products.
James Seyffart said.
At the time of reporting, Bitcoin price was $87,497.90.