Digital asset fund flows | August 11th 2025

401(k) approval sparks US $572M inflows, led by Ethereum and Bitcoin rebound

• After early-week outflows of US$1B on weak US payroll data, inflows rebounded to US$1.57B following the government’s 401(k) crypto approval, bringing net weekly inflows to US$572M.

• Ethereum ETPs led with US$268m in inflows, driving YTD inflows to a record US$8.2B and pushing AUM to an all-time high of US$32.6B, up 82% in 2025.

• Bitcoin regained momentum with US$260M in inflows, while altcoins Solana, XRP, and Near posted US$21.8M, US$18.4M, and US$10.1M respectively.

Digital asset investment products returned to inflows last week, totalling US$572m. Early in the week, outflows reached US$1B, which we believe were driven by growth concerns stemming from weak US payroll figures. In the latter half of the week, however, we saw US$1.57B of inflows, likely spurred by the government’s announcement permitting digital assets in 401(k) retirement plans. Volumes in digital asset ETPs were 23% lower than the prior month, likely due to the quieter summer months.

Regionally, the US and Canada recorded inflows of US$608M and US$16.5M respectively, while Europe remained bearish, with Germany, Sweden, and Switzerland combined seeing outflows totalling US$54.3M.

Ethereum ETPs led the market, attracting the highest inflows of any asset at US$268M. This pushed year-to-date inflows to a new record of US$8.2B, while recent price gains have driven total assets under management to an all-time high of US$32.6B, up 82% so far this year.

Bitcoin saw a recovery following 2 consecutive weeks of outflows, with inflows totalling US$260M last week, while short bitcoin saw outflows of US$4M. Solana, XRP and Near saw inflows of US$21.8M, US$18.4M and US$10.1M respectively.