December 17, 2025
This week, we published our outlook for digital assets in 2026. You can find here.
Although there are many different types of crypto investors, in our view the largest volume of capital is likely to enter the crypto ecosystem through spot exchange-traded products (ETPs). Since Bitcoin ETPs launched in the US in January 2024, global crypto ETPs have seen net inflows of $87 billion (see chart).
Despite the early success of these products, the process of incorporating crypto into mainstream portfolios is still in early innings. Grayscale estimates that less than 0.5% of US advised wealth is allocated to the crypto asset class. This number is expected to grow as more platforms complete their due diligence, build out capital market assumptions, and incorporate crypto into model portfolios. Beyond advised wealth, early movers have already adopted crypto ETPs in institutional portfolios, including major university endowments, sovereign wealth funds, and U.S. state investment boards.
Key Takeaway: We expect advised wealth and institutional money allocated to digital assets to grow significantly in 2026.
There have been persistent inflows into spot crypto ETPs since their introduction.
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