As the digital asset market welcomes a new year, the first three days of 2025 have attracted $585 million in inflows, providing a positive start for the market. However, last week's net outflow was still $75 million, primarily due to year-end fund repositioning and profit-taking.

Here is a detailed analysis of the liquidity situation for this week and the entire year of 2024:

2024 Summary: Record High Capital Inflows

  1. Total Annual Inflows: $44.2 Billion

    • Global digital asset investment products saw record inflows, four times the $10.5 billion in 2021.

    • The launch of the U.S. spot Bitcoin ETF has become one of the most important market events of the year, attracting $44.4 billion in inflows, accounting for 100%.

  2. Bitcoin Dominates: $38 Billion Inflow

    • Bitcoin remains the mainstay of the digital asset market, accounting for 29% of assets under management (AuM).

    • Short-term Bitcoin investment products also performed well, with annual inflows of $108 million, but this is lower than the $116 million in 2023, indicating that investors are more inclined towards long-term holding strategies.

  3. Ethereum's Recovery is Obvious: $4.8 Billion Inflow

    • Ethereum experienced a strong recovery in the second half of 2024, with annual inflows reaching $4.8 billion, accounting for 26% of AuM.

    • Compared to 2021, the inflows into Ethereum have increased by 2.4 times and are 60 times that of 2023, successfully solidifying its position as the second-largest asset in the market.

  4. Altcoin Share Declines: $813 Million Inflow

    • Altcoins excluding Ethereum saw inflows of $813 million in 2024, accounting for only 18% of AuM.

    • Solana saw inflows of $69 million, accounting for 4% of AuM, but lagging far behind Bitcoin and Ethereum.

  5. Significant Regional Differences

    • U.S. Market: Benefiting from the spot Bitcoin ETF, it has attracted the majority of capital inflows.

    • Other Countries: Switzerland saw an inflow of $630 million, but Canada and Sweden experienced outflows of $707 million and $682 million, respectively, as investors shifted towards U.S. products or took profits.

2025 Kickoff: Strong Inflows, but Challenges Remain

  1. In the first three days, inflows totaled $585 million.

    • Despite a net outflow of $75 million in the last two trading days of 2024 and the entire week at the beginning of the year, the inflows in the first three days of 2025 show a recovery in investor confidence.

  2. Market structure changes.

    • The impact of the U.S. spot ETF continues, and the trend of investors withdrawing from other regional markets may persist.

    • The inflow of funds into altcoins has significantly slowed down, indicating an increase in market concentration, with Bitcoin and Ethereum solidifying their dominance.

Potential and Risks in 2025

  1. Bull Market Expectations

    • With the halving effect approaching and the further adoption of Bitcoin and Ethereum worldwide, capital inflows are expected to continue to rise.

    • The ongoing expansion of the U.S. spot ETF may lead to more global capital entering the market.

  2. The Predicament of Altcoins

    • Although the altcoin ecosystem remains active, the funding flow indicates a decrease in investors' risk appetite, which may limit the performance space for altcoins in the short term.

  3. Impact of Policies and Macro Environment

    • The policy direction in the U.S. remains a significant factor in determining market trends. If further positive policies for cryptocurrencies are introduced, it may lead to more capital inflows.

    • Global macroeconomic fluctuations may pose challenges to the digital asset market, especially in a sustained high-interest-rate environment.


The capital flows of 2024 have laid a solid foundation for 2025. Bitcoin and Ethereum remain the core driving forces of the market, while the performance of altcoins awaits more market catalysts. Despite facing repositioning pressure in the short term, the sustained inflow of long-term capital shows that the market remains confident in the future of digital assets.

Do you think the funding flow into digital assets in 2025 will continue the strong performance of 2024? Can Bitcoin and Ethereum maintain their dominance? Feel free to share your thoughts in the comments!

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