Crypto Asset Manager Bitwise Sees Bitcoin ETF Flows Surging to New Records This Quarter

Bitwise Expects Q4 Bitcoin ETF Inflows to Break Records

Bitcoin (BTC) exchange-traded funds (ETFs) are poised for their strongest quarter ever, fueled by expanding institutional access, favorable macro conditions, and Bitcoin’s rally above $125,000, according to crypto asset manager Bitwise.

Bitwise had previously forecast that 2025 Bitcoin ETF inflows would surpass the $36 billion record set in the first year of ETFs. Through September, $22.5 billion had already flowed into Bitcoin ETFs, leaving ample room for Q4 activity to push the annual total past that milestone.

A key driver 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 major banks, including Wells Fargo (WFC), have implemented similar policies, with UBS and Merrill Lynch potentially following. While institutional adoption is usually gradual, adviser demand has been building for months.

Macro factors are also supporting flows. The so-called “debasement trade” — favoring assets like Bitcoin and gold amid currency dilution — has gained traction following a 44% rise in U.S. money supply since 2020, Hougan noted.

Bitcoin’s recent surge, climbing past $100,000 to trade above $125,000, has further fueled ETF inflows. Historical trends show that such rallies often coincide with increased investor participation.

Q4 has already seen $3.5 billion in net inflows during the first four trading days, bringing year-to-date totals to $25.9 billion. With two months remaining, Bitwise anticipates that a new quarterly record is well within reach.