TL;DR
- Global digital asset products ended 2025 with $47.2bn of inflows, near 2024’s $48.7bn record, while weekly flows ended at $582m after $671m on Friday.
- US inflows totaled $47.2bn, down 12% year on year, as Germany hit $2.5bn, Canada $1.1bn, and Switzerland $775m, up 11.5%.
- Bitcoin inflows fell 35% to $26.9bn as Ethereum gained $12.7bn, up 138%, with XRP at $3.7bn and Solana at $3.6bn; other altcoins slipped 30% to $318m.
Digital asset investment products finished 2025 with $47.2bn of global inflows, just below 2024’s $48.7bn record, but the story shifted from simple accumulation to leadership change. The report frames a massive capital rotation away from Bitcoin as fresh demand leaned into a handful of large altcoins instead. Volatility was visible at the turn of the year: inflows of $671m on Friday still left the full week at $582m after earlier outflows. Overall appetite held up, yet the internal mix signaled a market repricing what it wants next for 2026 allocators across major product wrappers worldwide.
Capital Rotation Shows Up in Regions and Assets
Regionally, flows remained concentrated while momentum spread. The US accounted for $47.2bn of inflows in 2025, which the report says was 12% lower than 2024. Germany delivered the biggest reversal, posting $2.5bn of inflows after $43m of outflows in 2024. Canada also flipped, moving to $1.1bn of inflows from $603m of outflows. Switzerland added $775m, up 11.5% year on year. Taken together, a broader geographic bid for digital assets emerged even as the US stayed the anchor market, despite last year’s contrasting outflows, especially in Europe.
The asset breakdown sharpened the rotation narrative. Bitcoin inflows declined 35% to $26.9bn in 2025, and the report ties that drop to price falls. Some investors also sought protection, sending $105m into short-Bitcoin products, though those vehicles remained niche with $139m in total assets under management. Ethereum, by contrast, attracted $12.7bn of inflows, up 138% year on year. XRP rose 500% to $3.7bn and Solana surged 1000% to $3.6bn, highlighting new leaders capturing incremental allocations. Rather than broad diversification, the report presents growth as concentrated momentum in select protocols with deep liquidity and clearer narratives.
Yet the rotation was selective, not a blanket altcoin rush. The report notes “remaining altcoins” saw sentiment weaken, with inflows down 30% year on year to $318m. That split suggests investors concentrated risk in liquid, high-conviction names while bypassing the long tail. With global inflows ending near record territory, the signal was not broad risk-off behavior, but a targeted reallocation within crypto exposures that refined beta. Going forward, the key debate is whether this concentration persists or diffuses as conditions and relative performance evolve. It leaves smaller tokens facing a higher hurdle to attract inflows.
