-
Bitwise expects record inflows into U.S. bitcoin ETFs in Q4 2025.
-
CIO Matt Hougan cites wealth manager adoption and the “debasement trade” narrative.
-
Advisors from major firms like Morgan Stanley and Wells Fargo are now allocating to bitcoin.
ETF Demand Set for a Record Quarter
Bitwise CIO Matt Hougan predicted that U.S. spot bitcoin ETFs will attract record inflows by year-end, surpassing 2024’s $36 billion total. The funds have already drawn nearly $26 billion this year, and Hougan expects a surge in Q4.
He attributes the optimism to accelerating wealth manager approvals, rising prices, and the macro narrative that investors are calling the “debasement trade” — a flight to assets like bitcoin and gold as currency values erode.
Wealth Managers Join the Trend
Morgan Stanley, Wells Fargo, and other major advisory firms are introducing new crypto allocation frameworks, opening the door to billions in client assets. Hougan believes this wave of institutional access will drive another leg of ETF inflows through year-end reviews and portfolio rebalancing.
Bitcoin’s Rally Fuels Further Momentum
Bitcoin recently hit new all-time highs above $125,000 before settling near $122,000, boosting investor confidence. “Every quarter with double-digit bitcoin returns has coincided with double-digit billions in ETF inflows,” Hougan wrote.
He added, “We’re already at $3.5 billion for the quarter. I think we’ll do that and then some.”
