Year-End Pullback Fails to Dampen Funding Enthusiasm: US Crypto ETF Sees Net Inflow of Around $32 Billion in 2025

January 1 – Even as the crypto market pulled back at the end of 2025, U.S. investors still poured roughly $31.77 billion into crypto ETFs last year, signaling persistent institutional demand. Data shows spot Bitcoin ETFs remained the top fund recipients, with net inflows of $21.4 billion in 2025 – down from $35.2 billion in 2024. The spot Ethereum ETF had its first full trading year, pulling in $9.6 billion for the year, nearly quadrupling its 2024 inflows. Moreover, the spot Solana ETF has accumulated roughly $765 million in inflows since its late-October launch. Among issuers, BlackRock still leads the pack. Its IBIT Bitcoin ETF raked in $24.7 billion last year – roughly five times the inflows of second-place Fidelity’s FBTC, making it the top net inflow gainer across all ETFs. Excluding IBIT, the other nine Bitcoin spot ETFs posted a combined net outflow of $3.1 billion, with Grayscale’s GBTC seeing outflows of about $3.9 billion. For Ethereum ETFs, BlackRock’s ETHA still dominates, with cumulative inflows of ~$12.6 billion – but it hasn’t seen any new money for several straight days. Glassnode data points to a recent dip in demand for Bitcoin and Ethereum ETFs, which could slow inflow pace early in 2026. Looking ahead, the SEC’s new universal listing standards could spark a wave of crypto ETF launches in 2026. Bitwise forecasts more than 100 new crypto ETFs to hit the market next year, but analysts warn some products may gradually exit between 2026–2027 due to weak demand.