Bitcoin ETFs Underperform 2024 Inflows Despite Growing Stabilizing Role; Market Updates from Asia
Bitcoin ETFs are unlikely to surpass the inflows seen in 2024, which totaled $33.6 billion. As of December 15, 2025, inflows have reached about $22.5 billion, leaving an approximately $11 billion shortfall. Traders assign only a 2% probability that Bitcoin ETFs will beat last year’s inflows in 2025.
The role of Bitcoin ETFs is evolving; they are shifting from amplifying crypto rallies to absorbing risks and stabilizing markets. U.S. spot BTC ETF inflows rebounded to about $290 million for the week following earlier outflows. However, ETF trading volumes declined, indicating allocation-driven positioning rather than speculative trading. This year's ETF activity has been characterized by rotation, fee migration, and volatility-driven rebalancing, contrasting with 2024’s pent-up demand and one-time allocations.
Bitcoin trades in a consolidation range around $87,000 to $88,000 after failing to sustain levels near $94,000. Ether has underperformed, trading around $2,950 to $3,000. ETFs appear to act as a stabilizing layer in the market, absorbing sell orders during pullbacks instead of amplifying price swings.
In broader markets, gold rose above $4,300 following the contraction of the Empire State Manufacturing Survey, boosting safe-haven demand amid U.S. manufacturing volatility. Asia-Pacific markets declined, with the Nikkei 225 down 1.14% and the Topix falling 1.05%, as investors rotated away from AI-related trades. Hong Kong desks were operating with skeleton staff amid this cautious sentiment.
