U.S. spot Bitcoin exchange-traded funds (ETFs) were the clear winners in the crypto investment space in 2025, capturing nearly two-thirds of all capital that flowed into crypto ETFs during the year. Out of the roughly $31.77 billion in total crypto ETF inflows, Bitcoin-focused funds alone attracted about $21.4 billion, according to data from Farside Investors.
Leading the pack was BlackRock’s iShares Bitcoin Trust (IBIT), which continued to cement its dominance in the market. The fund pulled in an impressive $24.7 billion in inflows during 2025, far outpacing its competitors. Since its launch, IBIT has now amassed around $62 billion in cumulative inflows — more than five times the amount recorded by Fidelity’s FBTC, its closest rival.
While most spot Bitcoin ETFs posted modest gains, Grayscale’s GBTC stood out for the opposite reason. The fund saw $3.9 billion in net outflows over the year, dragging overall performance lower and resulting in a combined annual outflow of $3.1 billion for the broader group of non-IBIT Bitcoin ETFs.
Even with Bitcoin ETFs dominating the crypto ETF landscape, their performance in 2025 still fell short of the previous year. In 2024, Bitcoin ETFs recorded a stronger $35.2 billion in net inflows, highlighting a noticeable slowdown in investor momentum.
Quarterly data paints a mixed picture. The second and third quarters of 2025 were particularly strong, attracting $12.8 billion and $8.8 billion, respectively. However, the final quarter reversed that trend, becoming the only negative period of the year with net outflows of $1.15 billion.
Ethereum ETFs also had a notable year. The nine spot Ether ETFs brought in $9.6 billion in inflows during 2025 — a fourfold increase compared to 2024. That jump is partly explained by timing, as 2025 marked the first full year these funds were available for trading following their launch after mid-2024.
Newer products also made their mark. Spot Solana ETFs, which entered the market in late October last year, have recorded around $765 million in net inflows so far, showing early investor interest despite their shorter track record.
Still, warning signs are emerging. Data from Glassnode shows demand for both Bitcoin and Ether ETFs weakened significantly in December. This drop suggests crypto ETFs could face a sluggish start in 2026, especially as broader market conditions remain uncertain.
Those concerns are echoed in price action. Bitcoin was trading at $87,719 as of Jan. 1 during Asian hours, down roughly 30.5% from its all-time high reached in October 2025. Technical indicators on the daily chart point to continued downside risk, including a death cross, a bearish flag, and a developing symmetrical triangle pattern.
Traders are now closely watching the $86,000 psychological support level. A break below it could open the door to a retest of Bitcoin’s November low at $82,175, adding further pressure to an already cautious market outlook.
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