Crypto Investment Flows 2025: Germany Overtakes USA in Growth, Mining Companies Under Pressure

Germany Executes Dramatic Reversal in Crypto Investments

Global investment flows into digital assets closed 2025 with total inflows of $47.2 billion, falling just short of the record $48.7 billion from the previous year ^[2]. However, while the USA maintained its dominant position with cumulative inflows of $47.2 billion, the most significant growth came surprisingly from Germany ^[2].

The Federal Republic recorded inflows of $2.5 billion, after outflows of $43 million were registered in 2024 ^[2]. This reversal marks a remarkable shift in sentiment among German investors toward digital investment products. Canada also executed a significant turnaround with inflows of $1.1 billion following outflows of $603 million the previous year ^[2].

USA Loses Momentum, Switzerland Grows Moderately

Despite its absolute dominance, the United States recorded a twelve percent decline in inflows compared to 2024 ^[2]. Switzerland, on the other hand, increased its inflows moderately by 11.5 percent to $775 million ^[2].

Ethereum and Altcoins Gain Against Bitcoin

At the product level, significant shifts in investor preferences emerged. Bitcoin products recorded a 35 percent decline in inflows to $26.9 billion ^[2]. As a result of falling prices, $105 million flowed into short-Bitcoin investment products, though their assets under management remained limited at $139 million ^[2].

Ethereum, however, showed the strongest growth with inflows of $12.7 billion, increasing 138 percent year-over-year ^[2]. Even more dramatic were the developments for XRP and Solana: XRP recorded a 500 percent increase to $3.7 billion, while Solana surged 1000 percent to $3.6 billion ^[2]. Other altcoins, by contrast, recorded a 30 percent decline in inflows to $318 million ^[2].

Mining Companies Under Massive Profitability Pressure

While institutional investors are increasingly investing in crypto products, mining companies are coming under growing pressure. Riot Platforms sold 1,818 Bitcoin in December for $161.6 million, reducing its holdings from 19,368 to 18,005 Bitcoin ^[3]. The average selling price achieved was $88,870 per Bitcoin ^[3].

According to company statements, the December transaction represents the largest monthly sale in company history and marks only the third net decline in Bitcoin holdings in calendar year 2025 ^[3]. Riot's Bitcoin production in December was 460 Bitcoin, representing an eight percent increase compared to November but an eleven percent decline compared to December 2024 ^[3].

The sale occurred in an environment of severely stressed mining profitability, with the hashprice metric hovering near cycle lows for much of the past quarter ^[3]. Riot reported $6.2 million in credit revenue from demand response programs and grid curtailments, a 171 percent increase compared to November, which partially offset elevated energy costs during periods of high grid load ^[3].

Other miners also reduced their holdings: CleanSpark sold 577 Bitcoin in December at an average of $89,210 and now holds 13,099 Bitcoin ^[3].

China's Wealthy Rethinking Traditional Asset Classes

Parallel to these developments, a remarkable debate about the value of traditional stores of wealth is taking place in China. On Chinese social media platforms like Weibo and Xiaohongshu, wealthy investors are increasingly comparing luxury real estate in Shenzhen Bay valued at 60 to 66 million yuan ($8.3 to $9.1 million) with Bitcoin, Nvidia stocks, and BNB as competing stores of value ^[1].

Real estate ownership in China is increasingly perceived as illiquid and highly visible to regulators, while crypto assets are regarded as mobile capital ^[1]. This contrast reflects a broader reassessment of liquidity, exposure, and financial flexibility ^[1].