IBIT ranking 6th in 2025 ETF flows despite negative returns is ‘a really good sign’

BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT, has ranked sixth in net inflows despite being the only fund in the top cohort posting a negative return for the year.

Data shared by Bloomberg ETF analyst Eric Balchunas shows IBIT pulling in roughly $25 billion in year-to-date inflows, even as its annual performance sits in the red. By comparison, several traditional equity and bond ETFs ahead of IBIT on the leaderboard posted double-digit gains, while gold-backed ETF GLD, which is up more than 60% on the year, attracted less capital than IBIT.

Balchunas described the result as a “really good sign” over the long term, arguing that the flows reveal more about investor behavior than short-term price action.

“If you can do $25 billion in a bad year, imagine the flow potential in a good year,” he wrote, pointing to what he called a “HODL clinic” from older, long-term investors.

IBIT sees net inflows but negative returns. Source: Eric Balchunas

Related: BlackRock IBIT Bitcoin ETF achieves $70B AUM record

Why heavy ETF buying isn’t pushing Bitcoin higher?

Meanwhile, one crypto market participant questioned why sustained institutional buying through ETFs has not translated into stronger price performance.

In response, Balchunas suggested the market may be behaving more like a mature asset class, where early holders take profits and deploy income strategies, such as selling call options, rather than chasing immediate upside. He also noted Bitcoin had risen more than 120% the previous year, tempering expectations for continuous gains.

On Friday, US spot Bitcoin (BTC) ETFs saw $158 million in net outflows, with Fidelity’s FBTC the only fund to post inflows. Meanwhile, spot Ether (ETH) ETFs recorded $75.9 million in outflows, extending their losing streak to seven consecutive days.

Related: BlackRock’s most profitable ETF is now a ‘hair away’ from $100B

BlackRock defends IBIT after outflows

BlackRock’s spot Bitcoin ETF faced heavy pressure in November, with its flagship IBIT fund recording about $2.34 billion in net outflows, including two large withdrawal days mid-month. Despite the pullback, BlackRock executives downplayed 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 its largest revenue drivers. He argued that ETFs are designed to facilitate capital allocation and cash-flow management, making periods of compression and outflows normal.

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