BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF, has secured the sixth position in net inflows despite being the only fund among the top performers to show a negative return this year.
According to data from Bloomberg ETF analyst Eric Balchunas, IBIT attracted approximately $25 billion in inflows so far this year, even though its annual returns remain below zero. In contrast, several leading traditional equity and bond ETFs posted double-digit gains and yet drew less capital than IBIT. Notably, the gold-backed ETF GLD—which surged over 60% during the same period—received fewer investments compared to IBIT.
Balchunas described these figures as an encouraging long-term indicator, emphasizing that investor inflows reflect behavioral trends rather than short-term price movements.
“If $25 billion can flow into this fund during a down year, just imagine what could happen when market conditions improve,” he commented. He also highlighted what he called a “HODL clinic,” referring to seasoned investors holding for the long haul.
IBIT experiences strong net inflows despite negative performance. Source: Eric Balchunas
Related: BlackRock’s IBIT Bitcoin ETF hits $70 billion assets under management milestone
The disconnect between heavy ETF purchases and Bitcoin price movement
A participant in the crypto space recently questioned why continuous institutional buying through ETFs hasn’t resulted in more robust price appreciation for Bitcoin.
Balchunas responded by suggesting that Bitcoin is behaving more like an established asset class where early investors are taking profits or implementing income-generating strategies such as selling call options instead of aggressively chasing immediate gains. He also pointed out that since Bitcoin had already increased by over 120% last year, expectations for uninterrupted growth should be moderated.
This past Friday saw US spot Bitcoin ETFs experience net outflows totaling $158 million—with Fidelity’s FBTC being the sole exception showing positive inflows. Meanwhile, spot Ether (ETH) ETFs recorded outflows of $75.9 million extending their decline streak to seven days straight.
Related: BlackRock’s most lucrative ETF nears $100 billion valuation
BlackRock addresses concerns after November outflows from IBIT
The flagship IBIT fund faced significant pressure throughout November with about $2.34 billion withdrawn overall—including two major redemption days mid-month—but BlackRock executives remained unfazed by these developments.
At Blockchain Conference 2025 held in São Paulo, Cristiano Castro—BlackRock’s business development director—explained that their suite of Bitcoin ETFs has become one of their key revenue streams. He further emphasized that fluctuations such as capital compression and temporary outflows are typical given how ETFs facilitate efficient capital allocation and cash-flow management across markets.
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