- Mixed Flows in Institutional Demand:



2025 was a pivotal year for Bitcoin ETFs, building on the success of the spot ETFs launched in January 2024. Institutional adoption of these funds accelerated amid a more favorable regulatory environment for digital assets. However, the year experienced mixed flows, with strong inflows at the beginning of the year followed by significant outflows in the last quarter amid Bitcoin price corrections.

US-listed spot ETF funds recorded a net inflow of $22.65 billion by mid-December 2025, according to SoSoValue data below. Nonetheless, November saw large outflows of $3.48 billion, erasing some gains and contributing to a decline in Bitcoin’s price from its October highs.

Comprehensive historical data for spot Bitcoin ETFs. Source: SoSoValue

CoinGlass's Bitcoin ETF Total Assets Under Management (AUM) indicates that the total managed assets for spot Bitcoin ETFs peaked at $165.15 billion on October 8, and decreased to around $123 billion by mid-December.

Bitcoin ETF Assets. Source: CoinGlass

Meanwhile, the BlackRock iShares Bitcoin Trust (IBIT) dominated the market, with its net assets currently at $70.12 billion, followed by the Fidelity (FBTC) and Grayscale (GBTC) funds.

US-listed spot Bitcoin ETFs. Source: SoSoValue

Overall, Bitcoin ETF funds enhanced institutional participation in 2025, improving market access and supporting price increases during periods of strong cash flows, with the potential to reduce long-term volatility. Despite setbacks in the last quarter, outlooks remain positive, with continued adoption of this technology expected through 2026.
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- Bitcoin in 2025: Favorable Regulatory Shifts, Institutional Adoption, and Record Volatility
A turbulent journey between all-time highs and sharp corrections
Bitcoin's price reached a new all-time high of $126,199 on October 6, pushing its market cap briefly above $2.47 trillion, making it the seventh-largest asset in the world, surpassing tech giants like (AMZN) and Meta Platforms (META).

However, the surge was followed by a sharp correction, with Bitcoin's price dropping to around $85,000 in mid-December. Although 2025 ended with relative stability, it was a volatile period marked by record highs, steep declines, and high fluctuations.

President Trump's Support for Cryptocurrencies
Donald Trump's victory in the November 2024 U.S. presidential election was seen as a positive indicator for Bitcoin and digital currency markets. During his campaign, Trump adopted a pro-cryptocurrency stance and promised to bring about a radical change in U.S. policy towards them, contrasting with the Biden administration's strict crackdown on the sector, which included more than 100 enforcement actions by the U.S. Securities and Exchange Commission against crypto companies.

The positive development for digital currencies began with the announcement by SEC Chairman Gary Gensler on November 21, 2024, of his resignation, effective January 20, the day of President Trump's inauguration. This news had a positive impact on the crypto markets, as Gensler had previously taken a stance opposed to digital asset policies.

The chart below from CryptoQuant shows that the percentage of monthly growth in Bitcoin holdings among major investors accelerated from -0.25% on January 14 to +2% on January 17, marking the highest monthly rate since mid-December 2024. This surge in demand pushed Bitcoin's price to a new record high of $109,588 on Inauguration Day, January 20. However, the price retreated to $100,000 shortly after Trump's oath of office.

Total Bitcoin whale holdings on Inauguration Day. Source: CryptoQuant

$BTC Meanwhile, U.S. President Donald Trump announced on Truth Social that he issued an unconditional pardon for Ross Ulbricht, the founder of the Silk Road marketplace on the dark web.

U.S. federal authorities arrested Ulbricht in 2013 and sentenced him to life imprisonment for creating and operating a website (Silk Road) that allowed users to buy and sell illegal drugs, along with other illegal products and services. This news boosted confidence within the crypto community, as Trump fulfilled his promise to the sector.
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