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Crypto asset manager Bitwise expects U.S. spot Bitcoin exchange-traded funds (ETFs) to post record-breaking inflows in the fourth quarter of 2025, potentially surpassing their total for the entire year. Chief Investment Officer Matt Hougan said recent data and strong early-quarter performance signal a major momentum shift, with $3.5 billion already added in the first week of Q4. Total inflows now stand near $26 billion, and Hougan believes the year will end above $36 billion — setting a new all-time high.
Hougan highlighted three key catalysts fueling this optimism: growing approval from wealth managers, Bitcoin’s price rally above $125,000, and rising interest in the “debasement trade” — investing in assets that hedge against currency erosion. Financial giants like Morgan Stanley, Wells Fargo, and UBS are now allowing advisors to allocate client funds to Bitcoin ETFs, signaling mainstream adoption.
Gold and Bitcoin remain the year’s top-performing assets. With renewed investor enthusiasm and mounting institutional access, Bitwise says Bitcoin ETFs are on track to dominate global inflows as 2025 closes.
