Gary Gensler often referred to crypto as the “Wild West,” and with the Trump administration now in power, the ETF space could be heading into an era of unprecedented expansion and innovation.

The debut year for spot bitcoin exchange-traded funds (ETFs) wasn’t just a success—it was a game-changer for the financial industry.

“How impactful was 2024 for Bitcoin ETFs?” asked Bloomberg Intelligence ETF analyst James Seyffart on X. “MASSIVE.”

BlackRock’s iShares Bitcoin Trust (IBIT) shattered records, becoming the most successful ETF launch in U.S. history. It ended the year with over $52.3 billion in assets under management, a result of robust inflows and bitcoin’s substantial price appreciation.

Other bitcoin ETFs also secured notable positions. Fidelity’s Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), and Bitwise Bitcoin ETF (BITB) all ranked among the top 20 ETF launches of all time.

“The past 12 months were transformational for digital assets,” said Matt Horne, head of digital asset strategists at Fidelity Investments. FBTC has grown into Fidelity’s flagship exchange-traded product, managing nearly $19 billion in assets.

“Demand has been extraordinary across retail investors, advisors, and institutions,” Horne said. “With a full year of performance data and solid asset growth, we’re anticipating even greater adoption in 2025.”

A New Frontier for Crypto ETFs

While retail investors drove the bulk of inflows in 2024, experts believe 2025 could see institutions play a much bigger role.

“Despite the record inflows, many financial advisors and firms are still on the sidelines,” said Mark Connors, founder of Risk Dimensions. “With increased institutional support and bitcoin’s price momentum, inflows in 2025 could easily dwarf those of last year.”

Nate Geraci, president of the ETF Store, called 2025 the “Year of Crypto ETFs.” He predicts that over 50 new ETFs could be approved under the new administration, including spot funds for Solana and XRP, as well as options-based and thematic crypto products.

“Gensler’s ‘Wild West’ analogy might become a reality under this new regulatory regime,” Geraci wrote in The ETF Educator. “2025 could usher in an era of unparalleled growth and experimentation for crypto ETFs.”