Институциональные инвесторы продолжают держать курс на биткоин, несмотря на спад спотовых ETF Translation: Headline: Institutional Investors Continue to Favor Bitcoin Despite Decline in Spot ETFs

In 2025, Bitcoin continued to be the top choice for institutional investors.

On December 23, at the onset of the Christmas holidays, exchange-traded funds (ETFs) based on the two largest cryptocurrencies by market capitalization recorded net outflows totaling $284.1 million.

Investors withdrew $188.6 million from Bitcoin ETFs, marking the continuation of negative trends for four consecutive days.

The IBIT fund from BlackRock experienced a withdrawal of $157.3 million. Meanwhile, Fidelity’s FBTC, Grayscale’s GBTC, and Bitwise’s BITB faced outflows of $15.3 million, $10.2 million, and $5.7 million, respectively.

Ethereum-focused funds saw a loss of $95.5 million, following an influx of $84.6 million the day before.

The largest outflow was from Grayscale’s ETHE, which had $50.9 million withdrawn. BlackRock’s ETHA, Bitwise’s ETHW, and Franklin Templeton’s EZET experienced losses of $25 million, $13.9 million, and $5.6 million, respectively.

Vincent Liu, chief investment officer at Kronos Research, attributed the negative performance in the sector to seasonal technical factors rather than a shift in long-term sentiment. He indicated that the market is affected by reduced liquidity during the holidays, planned portfolio adjustments, and a natural profit-taking by investors as the year ends.

«Flows have been erratic over the past couple of months, and some degree of risk reduction as the year closes, along with balancing, is typical, especially after a volatile fourth quarter,» noted Rick Maeda, a researcher at Presto Research.

XRP-based ETFs have experienced capital inflows for 27 consecutive trading sessions, with a reported inflow of $8.1 million on December 23, bringing the total since inception to $1.1 billion.

The total assets under management for these products amount to $1.2 billion, or 0.98% of the total cryptocurrency supply, with the largest fund being XRPC from Canary.

Solana ETFs also demonstrate a positive trend, receiving $7.4 million on December 22. The total inflow reached $754.2 million.

AUM for the altcoin-based exchange-traded funds stands at $940.9 million, or 1.3% of Solana’s issuance.

Bitcoin maintained its status as a favorite among institutional investors in 2025, with its share in the ETF sector consistently ranging between 70-85%, according to The Block.

Major players view Bitcoin as the primary entry point into the market and approach other digital assets with significantly more selectivity and caution.

From January onward, Bitcoin-oriented products attracted over $21.7 billion. However, the overall AUM decreased from $119 billion to $114 billion due to asset corrections.

Trading volumes remained stable but indicated a shift in December, with daily volumes rarely reaching $5 billion throughout the month.

Ethereum captured 15-30% of the crypto ETF sector, signaling improved sentiment toward altcoins as a whole. These instruments garnered $5.8 billion since the beginning of the year.

Notably, in December, Vanguard Group, one of the world’s largest asset management firms, opened access for clients to trade cryptocurrency-based ETFs.