> At a Glance
> – Digital asset funds took in $47.2 billion in 2025, just shy of 2024’s record
> – XRP inflows jumped 500% to $3.7 billion; Solana surged 1,000% to $3.6 billion
> – Bitcoin products fell 35% to $26.9 billion as short-bitcoin funds hit $139 million
> – Why it matters: Investors pivoted from BTC to high-growth altcoins, reshaping fund flows
Digital asset investment products closed 2025 with $47.2 billion in global inflows, narrowly missing the prior year’s $48.7 billion record. Weekly data ended on a high, with $671 million booked on the final Friday alone, offsetting earlier outflows and lifting the week to $582 million.
Ethereum Leads, Bitcoin Retreats
Ethereum dominated the year, pulling in $12.7 billion-a 138% leap over 2024. In contrast, Bitcoin-focused vehicles slipped 35% to $26.9 billion, while short-Bitcoin products captured $105 million, lifting their modest footprint to $139 million in assets.
Altcoin Divide
XRP and Solana stole the spotlight:
- XRP: $3.7 billion (+500%)
- Solana: $3.6 billion (+1,000%)
Smaller tokens lagged-total altcoin ex-ETH flows dropped 30% to $318 million. Stand-alone tallies:
- Sui: $152 million
- Chainlink: $22 million
- ZCash: $17 million
- Litecoin: $1 million
Multi-asset products bled $214 million.
Geography: U.S. Still Tops
The United States remained the biggest destination, though inflows dipped 12% to $42.5 billion. Germany swung to $2.5 billion after $43 million of outflows in 2024. Canada rebounded to $1.1 billion, Switzerland rose 11.5% to $775 million, and Hong Kong booked $293 million.
| Country | 2025 Inflows | 2024 Inflows |
|---|---|---|
| United States | $42.5B | $48.3B |
| Germany | $2.5B | -$43M |
| Canada | $1.1B | -$603M |
| Switzerland | $775M | $695M |
| Sweden | -$775M | – |
Sweden suffered the largest exodus at $775 million, while Brazil posted minor outflows of $1 million.
Market Reset
Markus Thielen noted that nearly $30 billion in Bitcoin and Ethereum futures leverage has been unwound since October, removing speculative excess. He argues this cleaner positioning could let Bitcoin trade more on fundamentals than forced liquidations heading into 2026.
Key Takeaways
- Ethereum overtook Bitcoin as the flow leader with $12.7 billion
- XRP and Solana delivered triple-digit percentage gains
- U.S. dominance softened, while Germany and Canada rebounded strongly
With leverage washed out and capital rotating toward high-beta tokens, fund flows signal a shifting crypto landscape entering the new year.
