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.