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 still amounted to $75 million, mainly due to year-end capital reallocations and profit-taking.
Below is a detailed analysis of the flow situation for this week and throughout 2024:
2024 Summary: Record capital inflows.
Total annual inflows: $44.2 billion.
Global digital asset investment products saw historical record inflows, four times that of $10.5 billion in 2021.
The launch of the US spot Bitcoin ETF has become one of the most important market events of the year, attracting $44.4 billion in capital inflows for this single product, accounting for 100%.
Bitcoin dominates: $38 billion inflow.
Bitcoin remains the main force in 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 below the $116 million of 2023, indicating that investors are more inclined towards long-term holding strategies.
Ethereum shows significant recovery: $4.8 billion inflow.
Ethereum welcomed a strong recovery in the second half of 2024, with total annual inflows reaching $4.8 billion, accounting for 26% of AuM.
Compared to 2021, Ethereum's inflows grew 2.4 times, and 60 times compared to 2023, successfully solidifying its position as the second largest asset in the market.
Altcoin share declines: $813 million inflow.
Altcoins excluding Ethereum had an inflow of $813 million in 2024, accounting for only 18% of AuM.
Solana saw an inflow of $69 million, accounting for 4% of AuM, but significantly lagging behind Bitcoin and Ethereum.
Significant regional differences.
US Market: Benefiting from spot Bitcoin ETFs, attracting the vast majority of capital inflows.
Other Countries: Switzerland saw an inflow of $630 million, while Canada and Sweden experienced outflows of $707 million and $682 million respectively, as investors shifted towards US products or took profits.
2025 Start: Strong inflows, but challenges remain.
In the first three days, capital inflows reached $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, inflows in the first three days of 2025 show a recovery in investor confidence.
Changes in market structure.
The impact of US spot ETFs continues, and the trend of investors withdrawing from other regional markets may persist.
The inflow of altcoins has significantly slowed, indicating an increase in market concentration and a more solidified dominance of Bitcoin and Ethereum.
The potential and risks of 2025.
Bull market expectations.
As the halving effect approaches and the further adoption of Bitcoin and Ethereum globally progresses, capital inflows are expected to continue rising.
The continued expansion of US spot ETFs may lead more global capital to enter the market.
The dilemma of altcoins.
Despite the active altcoin ecosystem, the capital flows indicate a decrease in investors' risk appetite, which may limit the performance space for altcoins in the short term.
Impact of policies and macro environment.
The policy direction of the US remains an important factor in determining market trends. If more favorable policies towards cryptocurrencies are introduced, it may lead to greater capital inflows.
Global macroeconomic fluctuations may pose challenges to the digital asset market, especially in a high interest rate environment.
The capital flows of 2024 have laid a solid foundation for 2025. Bitcoin and Ethereum remain the core drivers of the market, while the performance of altcoins awaits more market catalysts. Despite facing reallocation pressures in the short term, the sustained inflow of long-term capital indicates that the market remains confident about the future of digital assets.
Do you think the fund flows in digital assets in 2025 will continue the strong performance of 2024? Can Bitcoin and Ethereum maintain their dominance? Feel free to share your views in the comments!
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