In the first three days of 2025, global cryptocurrency exchange-traded products (ETPs) have already seen $585 million in inflows, signaling a strong start for the year. This influx of capital comes on the heels of a record-breaking 2024 for crypto ETFs, which witnessed $44.2 billion in inflows – a staggering 320% increase from the previous record set in 2021.

Record-Breaking Year for Crypto ETFs

Despite some late-year dips, 2024 proved to be an exceptional year for cryptocurrency-based exchange-traded funds (ETFs). The historic launch of spot Bitcoin ETPs in the United States in January 2024 played a significant role in driving these inflows. According to CoinShares’ head of research, James Butterfill, "The bulk of inflows came from the launch of spot Bitcoin ETFs in the US."

Breakdown of Crypto ETF Inflows

  • Bitcoin (BTC): BTC-based ETPs dominated 2024, accounting for $38 billion in inflows, which represents 29% of total assets under management (AUM) for BTC. This is a testament to the enduring appeal and popularity of Bitcoin as an investment asset.
  • Ether (ETH): ETH-based ETPs saw a resurgence in late 2024, resulting in full-year inflows of $4.8 billion – equivalent to 26% of all ETH AUM. This indicates growing interest in Ether as an alternative store of value and potential growth driver.

Total AUM for Crypto ETPs

The total assets under management (AUM) for all crypto ETPs stood at a remarkable $160.6 billion in 2024, reflecting significant growth. Notably, this expansion was fueled by substantial inflows into XRP ($438 million) and multi-asset ETPs ($257 million), as reported by CoinShares.

Regional Flows

  • US: The United States emerged as the largest crypto ETP buyer in 2024, with $44.5 billion in inflows from the country.
  • Canada: Conversely, Canada became the biggest crypto ETP seller in 2024, recording $707 million in outflows. This is a notable shift compared to previous years.
  • Sweden and Germany: Other countries that experienced significant outflows were Sweden ($682 million) and Germany ($328 million).

Regional Flows Comparison

While countries like Switzerland and Brazil saw substantial inflows of $630 million and $234 million, respectively, they were unable to offset the combined crypto ETF outflows in Canada, Sweden, and Germany.

Market Outlook for 2025

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