In 2025, crypto ETFs attracted $31.77 billion, with BlackRock leading the pack. In 2026, there may be a race among hundreds of new products.

【BlockBeats】2025 is about to come to an end. Although the crypto market has experienced ups and downs, the flow of institutional funds tells a different story—American investors have poured approximately $31.77 billion into crypto ETFs throughout the year. This figure reflects the continued strong demand from market participants for digital asset allocation.

Looking at specific products, spot Bitcoin ETFs remain the biggest attractors, with a net inflow of $21.4 billion in 2025. Although this is a decline from $35.2 billion in 2024, considering the market adjustment pressures at year-end, such results are enough to demonstrate that institutional enthusiasm for Bitcoin allocation has not faded. In contrast, Ethereum’s situation is even more interesting—after the launch of the spot Ethereum ETF, it experienced its first full trading year, attracting $9.6 billion, more than quadrupling the total in 2024. The recently launched Solana ETF also shows growth potential—accumulating only $765 million from late October to the end of the year, but its small base suggests room for growth.

From the issuer’s perspective, BlackRock has clearly become the main player in this feast. Its IBIT Bitcoin ETF saw a net inflow of $24.7 billion in a single year, five times the size of the second-ranked Fidelity FBTC, and it ranks high in the overall market ETF net inflows. Interestingly, excluding BlackRock, the other nine Bitcoin spot ETFs experienced a total net outflow of $3.1 billion. Grayscale’s GBTC alone saw outflows of about $3.9 billion, indicating that the market has made its own choices. The Ethereum ETF landscape is similar—BlackRock’s ETHA accumulated about $12.6 billion in inflows, maintaining its top position, but recent trading days have seen no new funds entering, which is a signal worth pondering.

Looking ahead to next year, the SEC’s new general listing standards open a new window. Bitwise expects over 100 crypto ETFs to emerge in 2026, and the market is destined to see a new product race. But don’t celebrate too early—analysts also offer a sober reminder: some products may exit the market gradually between 2026 and 2027 due to insufficient demand. According to Glassnode data, recent demand for Bitcoin and Ethereum ETFs has indeed weakened, which could mean a slowdown in capital inflows early next year.

Overall, 2025 has been a year of differentiation in the crypto ETF market—top-tier products have strong capital attraction, mid-tier products face challenges, and the door to a new era is slowly opening.