Flows End 2025 Near Record US$47.2bn as Select Altcoins Gain Momentum
* Global digital asset inflows reached US$47.2bn in 2025, just shy of the 2024 record, with the year starting strongly despite midweek volatility.
* The US continued to dominate flows, while Germany and Canada saw notable reversals from 2024 outflows to strong inflows.
* Bitcoin flows declined sharply, while Ethereum, XRP and Solana recorded substantial growth, signalling a rotation toward select altcoins, the remaining altcoins inflows YoY declined by 30%.
Digital asset investment products finished 2025 with global inflows totalling US$47.2bn, just below the 2024 record of US$48.7bn. The year also began on a high note with inflows of US$671m last Friday, bringing the full week inflows to US$582m following outflows earlier in the week.
Over 2025 the US saw the majority of inflows totalling US$47.2bn, down 12% on 2024. The most substantive growth in flows came from Germany, seeing inflows of US$2.5bn compared to outflows of US$43m in 2024. Canada also saw a similar recovery, with inflows of US$1.1bn last year compared to outflows of US$603m in 2024. Appetite in Switzerland rose modestly with inflows of US$775m in 2025, up 11.5% year-on-year (YoY).
Bitcoin suffered last year, seeing a 35% decline in flows, with inflows of just US$26.9bn in 2025. A combination of price falls led to inflows of US$105m into short-bitcoin investment products over 2025, although they remain niche with total assets under management (AuM) of only US$139m.
Ethereum saw the most substantive gains, with inflows of US$12.7bn, up 138% YoY. XRP and Solana saw a rise of 500% (US$3.7bn) and 1000% (US$3.6bn) respectively in 2025. The remaining altcoins saw a decline in sentiment with a fall in inflows YoY of 30% (US$318m).
To access all our research click here.
To see the full detail report, click here.
