US-based cryptocurrency exchange-traded funds attracted more than $31.77 billion in net inflows during 2025.
The strong demand came despite digital asset markets losing momentum toward the end of the year.
Spot Bitcoin ETFs accounted for the majority of capital entering the sector.
Collectively, they recorded $21.4 billion in net inflows over the year, according to industry data.
That figure, however, represented a decline from the $35.2 billion seen in 2024.
Ether-focused ETFs told a different story.
Spot Ether funds pulled in $9.6 billion during 2025, a fourfold increase compared to the previous year.
The jump reflected the fact that Ether ETFs only launched midway through 2024.
As a result, 2025 marked their first full year of trading.
New products also expanded the market beyond Bitcoin and Ether.
Spot Solana ETFs entered the US market in late October and have already accumulated $765 million in inflows.
Regulatory changes played a role in the expansion.
A more crypto-friendly US administration and new leadership at the Securities and Exchange Commission helped speed up approvals.
That environment encouraged institutional investors to explore regulated crypto exposure.
BlackRock strengthens its dominance
BlackRock emerged as the clear leader in the crypto ETF space.
Its iShares Bitcoin Trust ETF recorded $24.7 billion in inflows by year-end.
The total is roughly five times larger than that of its closest rival, Fidelity’s Bitcoin fund.
The scale of demand placed IBIT among the top six ETFs of any kind by net inflows.
Bloomberg analyst Eric Balchunas highlighted the achievement despite Bitcoin’s price softness during the year.
“If you can do $25b in [a] bad year imagine the flow potential in [a] good year,” he said.
Excluding IBIT, the remaining spot Bitcoin ETFs experienced net outflows of $3.1 billion.
Several funds saw only modest gains, while one major trust shed roughly $3.9 billion.
Ethereum ETFs lose short-term momentum
BlackRock also leads the Ethereum ETF market through its iShares Ethereum Trust.
The fund holds nearly $12.6 billion in inflows overall.
However, it has failed to attract new capital over the past dozen trading sessions.
Rival Ethereum ETFs trail at a significant distance.
Recent on-chain data suggests subdued demand for both Bitcoin and Ether ETFs heading into 2026.
That slowdown may result in a cautious start to the new year.
Wave of new products expected
Litecoin, Solana, and XRP ETFs launched in the second half of 2025.
They expanded investor access to major altcoins through traditional investment vehicles.
Analysts expect far more products to follow.
Revised SEC listing standards could allow more than 100 crypto ETFs to launch in 2026.
Bloomberg analyst James Seyffart warned that many may struggle to survive.
“We’re going to see a lot of liquidations in crypto ETP products,” he said.
“Might happen at [the] tail end of 2026 but likely by the end of 2027.”
