Key Takeaways:
Crypto ETPs saw $17.8B in inflows in H1 2025, down 2.7% from $18.3B in H1 2024.
Bitcoin products led with $14.9B in inflows, accounting for 84% of the total.
BlackRock captured 96% of all ETP inflows, solidifying its leadership in the space.
XRP ETPs ranked third, with $219M YTD inflows despite no U.S. spot ETF approval.
Crypto ETP Inflows Dip 2.7% in H1 2025 Despite Strong Bitcoin Demand, CoinShares Reports
Global crypto exchange-traded products (ETPs) attracted $17.8 billion in net inflows during the first half of 2025, slightly down 2.7% from the $18.3 billion recorded in H1 2024, according to a new report from digital asset manager CoinShares.
Despite the year-over-year decline, the first half of 2025 showed continued strength, marked by 11 consecutive weeks of inflows, including $2.7 billion added in the final week of June alone.
Bitcoin and BlackRock Lead ETP Market
Bitcoin (BTC) investment products dominated the landscape, contributing $14.9 billion, or 84% of total H1 2025 ETP inflows. BTC ETPs also brought in $2.2 billion last week, or 83% of weekly flows, cementing Bitcoin’s dominance as the preferred asset among institutional investors.
Meanwhile, Ether (ETH) ranked second, attracting $429 million last week and totaling $2.9 billion in H1 inflows, accounting for 16.3% of the total.
XRP came in third, pulling in $10.6 million last week and $219 million year-to-date, despite the lack of a U.S. spot XRP ETF. Canada launched its first spot XRP ETFs on June 18, further boosting exposure to the asset.
Issuer Breakdown: BlackRock Captures 96% of All H1 Inflows
BlackRock solidified its dominance as the top crypto ETP issuer, capturing over $17 billion, or 96% of total inflows in H1 2025. Other major players included:
ProShares: $526 million
Fidelity: $246 million
Grayscale Investments: –$1.7 billion (net outflows)
Market Outlook
CoinShares’ update came amid a slight correction in Bitcoin’s price, which dipped below $108,000 after surging from around $101,000 earlier in the week, according to CoinGecko data.
Despite the modest drop in total ETP inflows compared to last year, analysts view the sustained capital interest—especially in regulated products—as a bullish signal for long-term adoption and institutional participation.
