In the virtual asset ETF market in 2025, institutional capital choices were relatively clear. Looking at spot ETF fund flows, Bitcoin maintained the largest share throughout the year, while Ethereum showed a gradual increase in its presence.
Annual statistics show that a combined several hundred billion dollars flowed into Bitcoin and Ethereum spot ETFs in 2025, demonstrating sustained institutional demand for virtual assets. However, the allocation of funds remains concentrated in Bitcoin. Despite the approval and launch of various alternative asset ETFs, Bitcoin remains a key asset for virtual asset exposure within institutional portfolios.
This concentration of funds is also evident in market performance. Steady purchases via ETFs have supported Bitcoin's price decline throughout 2025, widening the performance gap with the volatile altcoin market. Market analysis suggests that institutions are viewing Bitcoin not as an asset responding to macroeconomic conditions, but as a digital raw material, rather than placing it on the same level as other digital assets.
Ethereum has become the second-highest institutional choice after Bitcoin. While its share in the ETF market remained limited throughout the year, a gradual increase was observed toward the end of the year. This demonstrates that institutional investors are gradually increasing their understanding and trust in Ethereum. However, fund allocation in the ETF market remains conservative, and the gap with Bitcoin persists.
The ETF presence of other assets, such as XRP, Solana (SOL), Chainlink (LINK), Litecoin (LTC), and Dogecoin (DOGE), is still in its early stages. Given that most of these products were approved and launched after the second half of 2025, the prevailing view is that it is premature to assess long-term demand and market share.
The trends depicted in 2025 ETF data are clear. Institutional funds are still centered around Bitcoin, while Ethereum is gradually increasing its presence. The virtual asset ETF market is likely to continue to prioritize selection and concentration over diversification for the foreseeable future.
