Cryptocurrency exchange-traded products (ETPs) have begun 2025 on a high note, recording $585 million in inflows within the first three days of the year, according to data from CoinShares. This comes despite substantial outflows totaling $75 million during the final trading days of 2024. The previous year marked a historic peak for crypto ETFs, witnessing a staggering $44.2 billion in inflows, a significant 320% surge from the prior record of $10.5 billion set in 2021.
This remarkable performance is largely attributed to the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States at the start of 2024. James Butterfill, CoinShares’ head of research, highlighted how Bitcoin (BTC) ETPs led the charge in 2024, securing $38 billion in inflows. This accounted for 29% of the $130 billion in total assets under management (AUM) for BTC. Meanwhile, Ether (ETH) ETPs also gained momentum towards the end of the year, amassing a total of $4.8 billion in inflows, which represented 26% of the $18.6 billion ETH AUM.
By the culmination of 2024, the total AUM for all crypto ETPs had climbed to $160.6 billion. This growth was further fueled by $438 million in inflows from XRP products and an additional $257 million from multi-asset ETPs.
In terms of national trends, while the United States emerged as the largest buyer of crypto ETPs, contributing $44.5 billion to inflows, Canada positioned itself as the most significant seller in 2024. Canadian crypto ETPs experienced outflows of $707 million. Other countries, such as Sweden and Germany, also noted outflows of $682 million and $328 million, respectively. These outflows in countries like Canada, Sweden, and Germany offset the inflows from nations such as Switzerland and Brazil, where inflows amounted to $630 million and $234 million, respectively.
