Global crypto investment products managed by asset managers such as BlackRock, Bitwise, and 21Shares saw inflows totaling $47.2 billion in 2025, finishing just 3% shy of the $48.7 billion record established in 2024, even as appetite for Bitcoin cooled substantially.
Bitcoin-based products saw a 35% year-over-year decline in inflows, adding $26.9 billion compared to $41.4 billion in 2024, CoinShares noted in a Monday report. The decline coincided with periods of price weakness and was accompanied by $105 million in inflows into short-bitcoin products, though those vehicles remain marginal with just $139 million in assets under management.
Notably, the deceleration into Bitcoin funds was met with significant expansion into a trio of altcoin-based products. Ethereum funds led with $12.7 billion in inflows — a 138% annual increase. They were followed by XRP funds with $3.7 billion and Solana products with $3.6 billion, representing 500% and 1000% growth, respectively. Conversely, the broader “other altcoins” category saw inflows fall by 30% to $318 million, highlighting the concentrated nature of the rotation, per CoinShares’ data.
“The data clearly shows a rotation in investor preference throughout 2025,” James Butterfill, Head of Research at CoinShares, said in the report. “While Bitcoin remains the anchor, we are now seeing substantive capital allocate selectively to key altcoins, which is reshaping the flow dynamic and overall market structure.”
Regional shifts and a strong 2026 start
The U.S. maintained its dominant position with total inflows of $42.5 billion for the year, though this represented a 12% decrease from 2024. The most substantive growth emerged in Europe, as Germany pivoted from $43 million in net outflows in 2024 to drawing $2.5 billion last year. Canada mirrored this reversal, recording $1.1 billion in inflows compared to $603 million in outflows the prior year.
This geographic broadening provided a foundation for a robust start to the new year. According to CoinShares, the first weekly flow data for 2026 showed a strong Friday influx of $671 million, bringing the full week’s total to $582 million despite some mid-week outflows.
The price action for these assets has been largely congruent with the flow trends. Bitcoin has staged a modest recovery in recent sessions, currently trading around $93,000 according to The Block’s prices page. Ethereum has held above the $3,150 level, while XRP has broken past the key $2 mark to trade near $2.13. Solana is currently changing hands for around $135.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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