ETF Data Shows Bitcoin Dominance Holding Firm as Ethereum Gains Share in 2025

• Bitcoin ETFs dominated 2025, consistently holding 70–85% of total crypto ETF market share despite new launches.
• Ethereum gained modest ground, expanding to roughly 15–30% of ETF allocations as institutional exposure broadened.
• ETH treasury growth was concentrated, with nearly all recent corporate accumulation driven by BitMine Immersion alone.

Bitcoin continued to hold the bulk of institutional cryptocurrency exposure in 2025, according to exchange-traded fund (ETF) flow data, even as Ethereum gradually expanded its share of allocations. Throughout the year, Bitcoin-linked ETFs consistently accounted for roughly 70% to 85% of total crypto ETF market share, underscoring how institutions have prioritized Bitcoin as their primary digital asset exposure.

The concentration of ETF flows into Bitcoin products remained stable despite the rollout of additional crypto-linked ETFs during the year. Combined net inflows into spot Bitcoin and Ethereum ETFs reached approximately $31 billion in 2025, with the majority directed toward Bitcoin-focused funds. This pattern suggests that institutional investors have continued to separate Bitcoin exposure from broader digital asset strategies, rather than treating cryptocurrency as a single asset class.

ETF activity also provided ongoing liquidity support for Bitcoin prices during the year. However, trading volumes began to decline toward the end of the year. Spot Bitcoin ETF volumes compressed over the final three weeks of December, with daily turnover generally remaining below $5 billion. The slowdown marked a shift toward more subdued participation, resembling mid-year trading conditions rather than the heightened activity seen in the prior year’s fourth quarter.

Ethereum’s Share Expands Gradually

Ethereum maintained its position as the second-largest recipient of institutional ETF flows in 2025, capturing an estimated 15% to 30% share over the course of the year. Data shows that Ethereum’s portion of total ETF market share increased steadily from early 2025 through December, signaling a gradual broadening of institutional exposure beyond Bitcoin.

This ETF-based trend coincided with major changes in corporate treasury holdings. Publicly disclosed balances of Ethereum held by public companies rose from about 4.5 million ETH at the start of the month to roughly 5.09 million ETH by the time of reporting.

Corporate Accumulation Driven by a Single Buyer

A more detailed breakdown shows that the increase of approximately 590,000 ETH was attributable entirely to BitMine Immersion. The company’s accumulation strategy has relied on an at-the-market equity issuance program, allowing it to raise capital through share sales while trading above net asset value.

Other public entities categorized as Ethereum-focused digital asset treasuries showed largely unchanged balances over the same period. BitMine’s purchases were overseen by its chairman, Tom Lee, whose firm has continued to expand ETH holdings while peers remained inactive.

ETF products linked to assets such as XRP, Solana, Chainlink, Litecoin, and Dogecoin represented only a minimal share of total crypto ETF exposure in 2025. Many of these funds received regulatory approval late in the year, placing them at an early stage of market adoption relative to Bitcoin and Ethereum products.