Bitwise Projects Record-Breaking Bitcoin ETF Inflows in Q4
Bitcoin (BTC) exchange-traded funds (ETFs) are on track for their strongest quarter ever, driven by growing institutional access, favorable macro conditions, and Bitcoin’s rally above $125,000, according to crypto asset manager Bitwise.
Bitwise had forecast that 2025 Bitcoin ETF inflows could surpass the $36 billion record set in the first year of ETFs. Through September, roughly $22.5 billion had already flowed into Bitcoin ETFs, leaving a strong Q4 finish likely to push annual totals even higher.
A key catalyst came on October 1, when Morgan Stanley (MS) approved its 16,000 advisers, managing $2 trillion in assets, to allocate to crypto, said Bitwise CIO Matt Hougan. Other banks, including Wells Fargo (WFC), have followed suit, with UBS and Merrill Lynch possibly next. Though institutional adoption is gradual, adviser demand has been building for months.
Macro forces are also boosting flows. The so-called “debasement trade” — favoring Bitcoin and gold amid currency dilution — has gained momentum following a 44% increase in U.S. money supply since 2020, Hougan noted.
Bitcoin’s recent surge above $125,000 further amplifies interest, as price rallies historically attract ETF inflows. Q4 has already seen $3.5 billion in net flows in the first four trading days, bringing year-to-date totals to $25.9 billion, with a record-setting quarter well within reach, Bitwise said.
