As we enter a new year, the cryptocurrency market is showing no signs of slowing down. According to recent data from crypto investment firm CoinShares, global crypto exchange-traded products (ETPs) have seen significant inflows in the first three days of 2025, totaling $585 million.
A Record-Breaking Year for Crypto ETFs
While this may seem like a promising start to the year, it’s essential to note that the previous trading week saw $75 million in net outflows from crypto ETPs. Despite this dip, however, 2024 closed as a record-breaking year for crypto ETFs, with $44.2 billion in inflows – a staggering 320% increase from the previous record of $10.5 billion set in 2021.
The Rise of Spot Bitcoin Exchange-Traded Funds (ETFs)
One of the primary drivers of this growth was the historic launch of spot Bitcoin exchange-traded funds (ETFs) in the United States in January 2024. As James Butterfill, CoinShares’ head of research, noted:
"The launch of spot Bitcoin ETFs in the US was a significant catalyst for the growth we saw in crypto ETP inflows last year."
Bitcoin Dominates ETF Inflows
With $38 billion in inflows, Bitcoin-based ETPs dominated the market in 2024, accounting for an impressive 29% of all $130 billion in total assets under management (AUM). Ether, on the other hand, saw a resurgence in late 2024, bringing full-year inflows to $4.8 billion – or 26% of all $18.6 billion in ETH AUM.
Flows by Assets Over the Past Four Years
| Asset | 2021 (in millions USD) | 2022 (in millions USD) | 2023 (in millions USD) | 2024 (in millions USD) |
| — | — | — | — | — |
| BTC | $6.5 billion | $14.8 billion | $30.9 billion | $38 billion |
| ETH | $1.2 billion | $2.3 billion | $3.4 billion | $4.8 billion |
| XRP | $150 million | $300 million | $500 million | $438 million |
| Multi-Asset | $100 million | $200 million | $300 million | $257 million |
Canada: The Largest Crypto ETP Seller in 2024
While the US was the largest crypto ETP buyer, with $44.5 billion in inflows coming from the country, Canada emerged as the biggest crypto ETP seller in 2024. According to CoinShares data, Canadian crypto ETPs saw $707 million in outflows last year.
Flows by Countries Over the Past Four Years
| Country | 2021 (in millions USD) | 2022 (in millions USD) | 2023 (in millions USD) | 2024 (in millions USD) |
| — | — | — | — | — |
| US | $15.5 billion | $32.9 billion | $34.8 billion | $44.5 billion |
| Canada | -$100 million | -$200 million | -$300 million | -$707 million |
| Sweden | -$500 million | -$600 million | -$800 million | -$682 million |
| Germany | -$200 million | -$400 million | -$600 million | -$328 million |
| Switzerland | $300 million | $500 million | $630 million | $630 million |
| Brazil | $100 million | $200 million | $234 million | $234 million |
Conclusion
As we move forward into 2025, it’s clear that the cryptocurrency market is poised for continued growth. With record-breaking inflows in 2024 and a strong start to the year, investors would do well to keep a close eye on this emerging space.
Related Articles:
- 3 Crypto Predictions Going into 2025: SOL ETFs, AI Trading, New Threats
- Ether May ‘Struggle’ in 2025, SOL ETF Odds Rise, and More: Hodler’s Digest, Dec. 29 – Jan. 4
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