US investors poured nearly $32 billion into U.S.-listed crypto ETFs in 2025, but the wave of inflows lost momentum late in the year, according to Farside Investors.
Spot Bitcoin dominated the headlines, attracting $21.4 billion in net inflows overall. That total, however, was overwhelmingly driven by BlackRock’s iShares Bitcoin Trust (IBIT), which alone reportedly took in about $24.7 billion — roughly five times the inflows of Fidelity’s FBTC. IBIT’s size pushed it near the top of all ETF flows for the year, trailing only a handful of broad index funds and a major Treasury bond fund. Strip out IBIT and the rest of the spot-Bitcoin ETF complex finished the year with roughly $3 billion in combined outflows. Grayscale’s bitcoin product was a notable loser, shedding nearly $4 billion over the year. Bitcoin’s price also closed the year below where it began 2025 (it started the year around $93,500).
Ethereum ETFs saw strong but uneven interest. BlackRock’s iShares Ethereum Trust (ETHA) sits at nearly $12.6 billion in inflows, followed by Fidelity’s FETH at $2.6 billion and Grayscale’s Ethereum Mini Trust ETF at about $1.5 billion. Still, on-chain indicators pointed to little renewed buying of spot Bitcoin and Ether ETFs in December, suggesting flows may cool as 2026 begins. Ether-focused products benefited from being new, regulated ways to get ETH exposure; spot Ether ETFs — widely tradable after their July 2024 rollout — gathered $9.6 billion in their first full year.
A handful of altcoin ETFs also launched in the back half of 2025. Spot Solana ETFs, which began trading in late October, added $765 million through year-end. Litecoin and XRP ETFs started trading in the second half of the year as well, giving investors more regulated options for altcoin exposure — though their asset pools remain tiny compared with Bitcoin and Ether, and largely reflect early-stage product testing rather than steady demand.
On a global scale, industry trackers reported $2.95 billion in net outflows from crypto ETFs listed worldwide in November, with about $179 billion invested in crypto ETFs globally at the end of that month.
Regulatory dynamics played a role in the year’s flows. Under new SEC leadership more open to approvals, U.S. exchanges and issuers moved faster on ETF launches, helping spur institutional adoption. But with December’s quiet on-chain activity and concentrated flows centered on a single product, momentum heading into 2026 looks uncertain — particularly for products beyond Bitcoin and Ether.
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