Crypto investment products closed 2025 with global net inflows of $47.2 billion. This emerges from the latest annual report by asset manager CoinShares. The figure is just below the record of $48.7 billion from the previous year.
But the year marked a significant shift in investment flows. While Bitcoin products recorded a 35 percent decline, inflows for Ethereum, Solana and XRP exploded. This shows a clear trend reversal: investors are increasingly diversifying away from Bitcoin toward selected altcoins, as the CoinShares data shows.
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Bitcoin loses market share to Ethereum and Solana
Bitcoin-based investment products attracted just $26.9 billion in 2025. This represents a sharp decline compared to $41.4 billion in 2024. The drop coincided with periods of price weakness. Meanwhile, $105 million flowed into short-Bitcoin products. Still, these vehicles remain marginal with only $139 million in AUM.
Ethereum dominated altcoin inflows with $12.7 billion. This represents a 138 percent increase over the previous year. XRP followed with $3.7 billion, a 500 percent growth. Solana exceeded all expectations with $3.6 billion and a 1,000 percent increase in inflows.
The remaining altcoins showed a mixed picture. The "other altcoins" category recorded a 30 percent decline to just $318 million. Sui led the list with $152 million. Chainlink followed with $22 million and ZCash with $17 million.
Rotation instead of broad altcoin season
The strong inflows into Ethereum, Solana and XRP triggered speculation about an upcoming "altcoin season." But the picture remains nuanced. Beyond these three names, inflows drop off quickly. CoinShares suspects that altcoin flows are driven less by broad-based enthusiasm. Instead, investors are speculating on possible ETF approvals in the US.
"The data clearly shows a rotation in investor preferences throughout 2025." - James Butterfill, Head of Research at CoinShares
AUM for global crypto ETPs rose to around $180 billion at the end of 2025, compared to $160 billion the previous year.
US dominates, Germany and Canada turn positive
The United States remained the dominant market with inflows of $42.5 billion. This represents 90 percent of global volume. Yet this means a 12 percent decline compared to 2024. The concentration on the US market thus remains pronounced.
Germany made a remarkable turnaround. After net outflows of $43 million in 2024, the market now recorded inflows of $2.5 billion. Canada followed this pattern as well. Instead of $603 million in outflows, $1.1 billion flowed into crypto products there. Switzerland also showed strength with inflows of $775 million. This represents an 11.5 percent increase. Sweden was an outlier with outflows of $775 million.
2026 starts with strong inflows
The new year began promisingly for crypto investment products. On the first trading day of 2026, January 2, $670 million flowed into US crypto ETFs. Bitcoin ETFs attracted the bulk. Ethereum ETFs recorded $174 million at the same time, the largest daily inflow in 15 trading days.
Ethereum ETFs thus recovered from a difficult end to 2025. In November and December, these products had recorded outflows of over $2 billion. BlackRock's ETHA leads the list of Ethereum products with cumulative inflows of $12.61 billion.
