BlackRock Bitcoin ETF Pulls $25B Despite Down 9.6% YTD
#BlackRock's iShares BTC$BTC Trust ranked sixth among all ETFs in 2025 inflows while posting the only negative return in the top 25 funds. IBIT attracted roughly $25 billion in investor capital despite its annual performance sitting at minus 9.6% as of midday Friday.
Bloomberg ETF analyst Eric Balchunas described the flow pattern as a long-term positive signal. The data reveals investor behavior focused on accumulation rather than short-term price momentum. IBIT brought in more capital than the SPDR Gold ETF, which sits in eighth place with $20.8 billion in inflows despite gaining 65% during 2025.
Balchunas noted the flows demonstrate what he termed a HODL clinic from older, long-term investors. The analyst stated that pulling $25 billion during a bad year suggests substantial flow potential when market conditions improve. Vanguard's S&P 500 ETF led all funds with $145 billion in inflows, while the iShares S&P 100 ETF ranked 25th with $10 billion.
The disconnect between flows and performance has drawn questions from
#crypto
market observers. Some asked why sustained institutional buying through #ETFs has not translated into stronger BTC$BTC price action. Balchunas suggested the market may be maturing, with early holders taking profits and deploying income strategies such as selling call options rather than chasing immediate gains.
Bitcoin rose more than 120% in 2024, tempering expectations for continuous appreciation. U.S. spot #bitcoin ETFs recorded $158 million in net outflows on Friday, with Fidelity's FBTC as the only fund posting inflows. Spot ETH$ETH ETFs saw $75.9 million in outflows, extending their losing streak to seven consecutive days.
BlackRock faced heavy pressure in November when #IBIT recorded approximately $2.34 billion in net outflows, including two large withdrawal days mid-month. BlackRock executives downplayed concerns about the temporary pullback.
