BlackRock’s spot Bitcoin (CRYPTO:BTC) exchange-traded fund has ranked sixth among all ETFs by net inflows in 2025 despite delivering a negative return for the year.
The iShares Bitcoin Trust, known as IBIT, was the only fund in the top tier of inflow rankings to post losses while still attracting substantial investor capital.
Data highlighted by Bloomberg ETF analyst Eric Balchunas showed IBIT recording approximately $25 billion in year-to-date inflows.
Several equity and bond ETFs ranked above IBIT delivered double-digit gains, underscoring the contrast between performance and investor allocation decisions.
Gold-backed ETF GLD, despite rising more than 60% over the year, drew less capital than IBIT, according to the same dataset.
A really good sign, Eric Balchunas said.
He argued that sustained inflows during a weak performance year reflect long-term conviction rather than short-term speculation.
If you can do $25 billion in a bad year, imagine the flow potential in a good year, Eric Balchunas said.
He pointed to strong participation from older and longer-term investors.
Market participants have questioned why consistent ETF demand has not translated into stronger Bitcoin price appreciation.
Balchunas suggested the behaviour resembles that of a maturing asset class, where early holders take profits instead of chasing immediate upside.
He added that some investors are deploying income-focused strategies, including selling call options, rather than accumulating aggressively.
Balchunas also noted that Bitcoin surged more than 120% the previous year, reducing expectations for uninterrupted gains.
On Friday, US spot Bitcoin ETFs recorded $158 million in net outflows, reflecting short-term pressure across the sector.
Fidelity’s FBTC was the only Bitcoin ETF to post net inflows during the session.
US spot Ether (CRYPTO:ETH) ETFs also continued to struggle, recording $75.9 million in net outflows and extending their losing streak to seven consecutive days.
IBIT experienced heightened pressure in November, posting roughly $2.34 billion in net outflows over the month.
The fund saw two particularly large withdrawal days in mid-November, raising concerns among some observers.
BlackRock executives played down the significance of the outflows, framing them as normal market behaviour.
Speaking at Blockchain Conference 2025 in São Paulo, BlackRock business development director Cristiano Castro said the firm’s Bitcoin ETFs have become major revenue drivers.
Castro argued that ETFs are built to support capital allocation and liquidity management, making periods of consolidation and outflows routine.
He added that short-term volatility does not undermine the broader role of Bitcoin ETFs in diversified investment portfolios.
At the time of reporting, Bitcoin price was $88,199.76.