Digital asset fund manager survey - October 2025

Bitcoin remains the most held digital asset but has lost growth appeal to Ethereum and Solana

• Bitcoin remains the most held digital asset but has lost growth appeal to Ethereum and Solana, while interest outside the top three remains minimal and limited to small allocations.

• Average digital asset weightings doubled since early 2022, reaching 1.8%, supported by strong Q3 inflows of nearly US$18bn and improving investor sentiment.

• Diversification, client demand, and exposure to blockchain technology now drive investment decisions, replacing speculation as the dominant motive seen in earlier surveys.

• Investors remain cautious about political and regulatory risks but see fewer corporate or reputational barriers; meanwhile, ETP growth continues to support longer-term adoption.

Since the July survey, Bitcoin has experienced a sharp decline in the share of investors who see it as having the most compelling growth outlook. It remains the most preferred asset overall, although investor enthusiasm for Solana and Ethereum has risen significantly at Bitcoin’s expense. 

Interestingly, there is still very little interest outside these three main assets, despite investors maintaining holdings in other tokens, if invested they are typically very small positions at present. Our fund flows report supports this behaviour.

Digital asset weighting in portfolios has  doubled from 0.9% to 1.8%, likely due to a mix of price appreciation and improved sentiment. Since the July survey we have seen inflows of nearly US$18bn, highlighting their popularity of the Q3 period.

The average portfolio position has been steadily rising over time, being just 0.7% at the beginning of 2022, to now sitting at 1.8%.

Despite the growth outlook for altcoins outside of Ethereum and Solana remaining weak according to the first survey question, investors remain in a wide selection of altcoins, as highlighted by the large “other” section.

The core investments remain the “the big 3”, Bitcoin, Ethereum and Solana. Outside of this some have chosen the multi-asset approach, but this has dwindled in popularity recently, while many in the “other” section include Bitcoin treasury companies and blockchain equities, highlighting the diversified nature of crypto investing now.

Diversification and client demand remain the primary motivations for investing, closely followed by a desire for exposure to distributed ledger technology. 

Contrary to popular perception, speculation now ranks relatively low among the reasons for adding to portfolios. This marks a notable shift from 2021, when speculation was the leading motive, underscoring how investor behaviour is maturing over time.

Among those who have not yet invested, volatility is still cited as the primary reason, this puzzles us given Bitcoin’s 30d volatility having averaged just 30% this year so far. Furthermore, regulations is also strange given them opening up to crypto assets at a global scale.

Corporate restrictions and reputational risks along with other concerns of the past have fallen.

Political challenges continue to worry investors. This political component is understandable given the huge influence politics in the US, such as trade tariff threats seem to influence price in recent quarters. Regulation remains high on the list but is becoming les of a concern for those already invested.

The rise of ETPs globally looks to have had a longer term positive impact on crypto asset investing.

The total number who believe the FED has not made a policy error has fallen in favour of “not yet” and “no”, suggesting an increasing number of investors are sceptical of current FED policy or currently do no believe they have made a policy error just yet. This is the highest number of “not yets” since January 2024. 

ABOUT OUR SURVEY: The October 2025 Survey drew 33 responses from investors who cover ~US$563bn of assets under management.