In brief

• Digital asset investment products attracted $47.2 billion in 2025, just shy of the 2024 record of $48.7 billion, according to CoinShares' annual report.
• Bitcoin flows declined 35% to $26.9 billion, while Ethereum surged 138% with $12.7 billion in inflows.
• XRP and Solana posted gains of 500% ($3.7 billion) and 1,000% ($3.6 billion) respectively, while remaining altcoins saw flows drop 30%.

Digital asset investment products closed 2025 with $47.2 billion in global inflows, narrowly missing the previous year's record, while a shift in investor appetite saw Bitcoin's dominance erode in favor of select altcoins, according to a new report by digital assets manager CoinShares.

Despite early-week outflows, 2026's opening week still managed $582 million in net inflows across the funds, following a strong $671 million finish on Friday.

Fund flows in 2025

But beneath the headline numbers, the composition of flows revealed a shift in where investors allocated their capital.

Bitcoin took the biggest hit, with inflows plunging 35% to $26.9 billion in 2025, according to CoinShares.

Price falls also led to inflows of $105 million into short-Bitcoin investment products during 2025, although they remain niche with total assets under management of only $139 million, James Butterfill, CoinShares' head of research, wrote.

Ethereum led altcoin inflows with $12.7 billion, up 138% year-on-year, while XRP and Solana surged even faster, jumping 500% to $3.7 billion and 1,000% to $3.6 billion, respectively, in 2025.

However, the remaining altcoins saw a decline in sentiment with a 30% fall in inflows year-over-year to $318 million.

The global picture

The U.S. remained the largest market at $47.2 billion, down 12% from the prior year.

Germany flipped from $43 million in outflows in 2024 to $2.5 billion in inflows in 2025, while Canada rebounded to $1.1 billion from $603 million in outflows and Switzerland posted a modest 11.5% year-on-year increase to $775 million.

Looking ahead, market analysts expect both traditional macro factors and crypto-specific developments to drive the next phase of digital asset flows.

“If the trend in Germany and Canada expands further into Asia and broader Europe in 2026, it will establish a much more robust value floor for the market than price appreciation alone,” Dean Chen, an analyst at Bitunix, told Decrypt.

“Flow sustainability is the most important metric to watch, as it indicates a longer-term commitment rather than chasing short-term bounces,” Nic Puckrin, investment analyst and co-founder of The Coin Bureau, told .