Year-end pullback can't dampen capital enthusiasm: Approximately $32 billion in net inflows into US crypto ETFs in 2025

On January 1st, despite a market correction at the end of 2025, US investors injected approximately $31.77 billion into crypto ETFs throughout the year, indicating that institutional allocation demand remains strong. Data shows that spot Bitcoin ETFs continue to be the main source of funds, with a net inflow of $21.4 billion in 2025, down from $35.2 billion in 2024. The spot Ethereum ETF experienced its first full trading year, attracting $9.6 billion, nearly four times the amount in 2024. Additionally, since its listing at the end of October, the spot Solana ETF has accumulated approximately $76.5 million in inflows. On the issuer side, BlackRock continues to lead the market. Its IBIT Bitcoin ETF saw inflows of $24.7 billion this year, about five times the size of the second-place Fidelity FBTC, and ranks among the top in overall ETF net inflows. Excluding IBIT, the remaining nine Bitcoin spot ETFs experienced a total net outflow of $3.1 billion this year, with Grayscale GBTC outflows around $3.9 billion. Regarding Ethereum ETFs, BlackRock’s ETHA remains dominant, with a total inflow of approximately $12.6 billion, though recent days have seen no new funds added. Glassnode data indicates that demand for Bitcoin and Ethereum ETFs has recently weakened, which may lead to a slowdown in capital inflows at the beginning of 2026. Looking ahead, under the SEC’s new general listing standards, 2026 may see a wave of concentrated crypto ETF issuances. Bitwise expects over 100 crypto ETFs to launch next year, but analysts warn that some products may exit the market gradually in 2026–2027 due to insufficient demand.