Crypto ETFs Thrive Amid Market Pullback: $32 Billion in New Investments

In 2025, U.S. investors injected nearly $32 billion into cryptocurrency exchange-traded funds (ETFs), despite a general slowdown in the markets toward the end of the year, according to data from Farside Investors. Notably, the Spot Bitcoin ETFs garnered the largest share of investments, bringing in $21.4 billion, a significant decrease compared to the $35 billion raised in 2024.

Key Takeaways

U.S. investors added nearly $32 billion to crypto ETFs in 2025 despite a market downturn.
BlackRock’s IBIT led the charge, with inflows reaching $24.7 billion.
Ethereum ETFs also saw investments, totaling $12.6 billion, but momentum appears to be decreasing.
Spot Ether and Solana ETFs have only recently begun trading, showing initial, but unsteady, investor interest.
Global crypto ETFs faced outflows in November, but overall investment still reached significant sums.

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Dominance of BlackRock in ETF Investments

BlackRock's iShares Bitcoin Trust ETF, namely IBIT, was the standout performer, capturing about $24.7 billion of the total inflow. This figure is impressive, making IBIT's inflows approximately five times greater than its closest competitor, Fidelity’s FBTC.

Source: Farside Investors

Market analysts highlighted that IBIT was among the top-ranking ETFs in terms of capital flow, falling just behind a few large index funds and a significant treasury bond fund. However, if IBIT's transactions were excluded, the broader category of spot Bitcoin ETFs would have ended the year with approximately $3 billion in total outflows. Grayscale’s Bitcoin product, in particular, suffered greatly, losing nearly $4 billion throughout the year. The price of Bitcoin was lower than it began the year, starting around $93,500.

Interest in Ethereum ETFs: Strong Yet Fluctuating

Reports indicate there was genuine interest in Ethereum ETFs, although the momentum appears inconsistent. BlackRock’s iShares Ethereum Trust, ETHA, attracted nearly $12.6 billion in inflows, with Fidelity’s FETH following behind at $2.6 billion, and Grayscale’s Ethereum Mini Trust ETF holding an additional $1.5 billion. Despite this, public on-chain statistics showed a decrease in demand for both spot Bitcoin and Ether ETFs during the last month of the year, hinting that investment might slow into 2026.

While Ether ETFs gained traction as new investment vehicles, offering a regulated method for acquiring ETH, recent activity has indicated a slowdown in purchasing.

BTCUSD currently trading at $87,688. Chart: TradingView

Spot Ether ETFs, which became widely available for trading after their launch in July 2024, accumulated $9.6 billion in their first full year. Meanwhile, Spot Solana ETFs launched in late October accumulated $765 million by the close of the year. Litecoin and XRP ETFs also entered the market during the latter half of the year, expanding investor options for regulated altcoins.

While these amounts are modest compared to Bitcoin and Ether, Solana’s $765 million signifies initial interest that hasn't yet converted into a continuous influx of assets. The market is still evaluating these products.

Industry researchers reported that global crypto ETFs saw $2.95 billion in net outflows in November, with approximately $179 billion invested in crypto ETFs globally by the end of that month. Regulatory bodies and exchanges reacted swiftly this year, with a new SEC leadership that embraced ETF approvals, which, in return, fostered greater institutional adoption in the U.S.