Retail accounted for around 80% of demand for spot Bitcoin ETFs, but industry observers predict that institutions will take up the pace in 2025.

Spot Bitcoin exchange-traded funds in the United States saw a record $35.66 billion in net inflows in 2024, significantly above early industry forecasts, while spot Ether ETFs finished strong, with net inflows of $349.3 million in the last four trading days, bringing the total since inception to $2.68 billion.

According to Farside Investors, BlackRock’s iShares Bitcoin Trust ETF (IBIT) had the highest net inflows at $37.31 billion, followed by Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) at $11.84 billion and $2.49 billion, respectively. Bitwise Bitcoin ETF (BITB) received $2.19 billion.

The net inflows exceeded Galaxy Digital’s research head Alex Thorn’s previous prediction of $14 billion for the first year.

However, the spot Bitcoin ETFs did not finish strong at the end of the year, with a total of $1.33 billion in outflows since December 19.

Five of the last six trading days saw net withdrawals, with IBIT experiencing the highest outflow of $188.7 million on December 24.

According to an Oct. 25 report from cryptocurrency exchange Binance, ordinary buyers accounted for roughly 80% of spot Bitcoin ETF demand, rather than institutions.

Industry watchers, like Bitwise’s chief investment officer Matt Hougan, predict increased institutional involvement in 2025 as more clearinghouses for spot Bitcoin ETF trading become available.
Bitwise predicts a Bitcoin price of $200,000 in 2025, while VanEck expects it to reach $180,000.

Ether ETFs conclude on a positive note.

The spot Ether ETH$3,351.61 Farside Investors reported that ETFs received $2.68 billion in net inflows since the debut of Ethereum products on July 23, 2024.

Excluding outflows from the converted Greyscale Ethereum Trust ETF (ETHE), the total would rise to $6.29 billion.

BlackRock’s iShares Ethereum Trust ETF (ETHA) and Fidelity Ethereum Fund (FETH) saw the most net inflows, totalling $3.52 billion and $1.56 billion respectively.

The low-fee Grayscale Ethereum Mini Trust ETF (ETH) had the third highest net inflows at $608.1 million, while the Bitwise Ethereum ETF (ETHW) recently surpassed the $400 million mark.

While Ethereum has underperformed Bitcoin and Solana. SOL$186.22 Bitwise predicts a rebound to a high of $7,000 in 2025 after a dip in 2024.

Hougan and Bitwise’s Bitcoin research head, Ryan Rasmussen, attributed the predicted spike to greater activity on Ethereum layer 2s, more spot Ether ETF movements, and “massive growth” in stablecoins and real-world asset tokenization.

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