Digital asset investment products drew in $47.2 billion in 2025, slightly below the 2024 record of $48.7 billion, as investors shifted away from Bitcoin and into a handful of major altcoins, according to CoinShares’ annual report.
Despite starting 2026 with early-week outflows, digital asset funds still recorded $582 million in net inflows in the first week of the year, following a strong $671 million finish on the prior Friday.
CoinShares’ data shows that while overall demand for crypto investment products remained strong, the composition of flows changed markedly over the year.
Bitcoin loses ground
Bitcoin products saw inflows fall 35% year-on-year to $26.9 billion in 2025. Price declines also fueled interest in bearish products, with short-Bitcoin funds taking in $105 million over the year. These remain a niche segment, however, with just $139 million in assets under management, CoinShares head of research James Butterfill wrote.
Altcoins draw growing interest
Ethereum led non-Bitcoin products, with inflows jumping 138% to $12.7 billion in 2025.
Among other major altcoins, XRP products attracted $3.7 billion, a 500% increase, while Solana products surged 1,000% to $3.6 billion in inflows, according to the report.
Outside these large names, sentiment cooled. The rest of the altcoin segment saw inflows fall 30% year-on-year to $318 million.
Regional flows shift
The United States remained the largest market for digital asset funds, with $47.2 billion in flows, down 12% from 2024.
Germany swung from $43 million in outflows in 2024 to $2.5 billion in inflows in 2025. Canada also reversed course, posting $1.1 billion in inflows after $603 million in outflows the previous year. Switzerland recorded a more modest 11.5% increase, reaching $775 million in inflows.
Focus turns to sustainability of flows
Analysts expect both macroeconomic conditions and crypto-specific developments to determine where capital moves next.
“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 Decrypt. “If we see consistent, sustainable, and increasing flows, it also shows that demand for Bitcoin is expanding, which is crucial for its longevity.”
Chen added that in the coming year the quality of inflows will matter more than their quantity. “The key metric to watch is whether inflows can transition from being U.S.-centric to globally diversified,” he said.