BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), has ranked sixth in net inflows this year despite being the only fund among the top contenders to post a negative return.
According to data shared by Bloomberg ETF analyst Eric Balchunas, IBIT has attracted approximately $25 billion in year-to-date inflows even as its performance for the year remains negative. In contrast, several equity and bond ETFs ranked above IBIT recorded double-digit gains, while the gold-backed SPDR Gold Shares (GLD)—up more than 60% this year—drew less capital than IBIT.
Balchunas called the trend a “really good sign” for IBIT’s long-term prospects, noting that fund flows offer deeper insight into investor conviction than short-term price movements.
“If you can do $25 billion in a bad year, imagine the flow potential in a good year,” he said, describing the inflows as evidence of a “HODL clinic” driven by older, long-term investors.
Why heavy ETF buying hasn’t pushed Bitcoin higher
Some crypto market participants have questioned why sustained institutional demand via ETFs has yet to translate into stronger Bitcoin price performance.
Bloomberg ETF analyst Eric Balchunas suggested the market may now be behaving more like a mature asset class. He noted that early holders are increasingly taking profits or deploying income-generating strategies—such as selling call options—rather than aggressively chasing upside. Balchunas also pointed out that Bitcoin surged more than 120% last year, which naturally tempers expectations for continuous gains.
On Friday, US spot Bitcoin ETFs recorded $158 million in net outflows, with Fidelity’s FBTC the only fund to see inflows. Spot Ether ETFs also faced pressure, logging $75.9 million in outflows and extending their losing streak to seven consecutive days.
BlackRock defends IBIT after outflows
BlackRock’s spot Bitcoin ETFs came under significant pressure in November, with its flagship iShares Bitcoin Trust (IBIT) posting roughly $2.34 billion in net outflows, including two large withdrawal days in the middle of the month. Despite the pullback, BlackRock executives sought to downplay concerns.
Speaking at Blockchain Conference 2025 in São Paulo, BlackRock business development director Cristiano Castro said the firm’s Bitcoin ETFs have become one of the company’s largest revenue contributors. He emphasized that ETFs are built to support capital allocation and cash-flow management, making periods of consolidation and outflows a normal part of the product lifecycle.
