BlackRock’s IBIT Bitcoin ETF Hits $25B Inflows Despite Losses

BlackRock’s iShares Bitcoin Trust Attracts $25 Billion in Inflows Amid Market Maturation and Normal ETF Cash-Flow Management

  • BlackRock’s iShares Bitcoin Trust (IBIT) ETF attracted approximately $25 billion in inflows this year despite posting negative returns.
  • The fund ranks sixth in net inflows among ETFs, surpassing Gold-backed and many equity ETFs in capital attracted.
  • Institutional investor behavior appears to favor long-term holding rather than short-term price gains, indicating market maturation.
  • Recent outflows from BlackRock’s IBIT in November totaled about $2.3 billion but have been characterized as normal cash-flow management.
  • Spot Bitcoin and Ether ETFs showed net outflows recently, continuing trends in institutional ETF activity.

BlackRock’s iShares Bitcoin Trust (IBIT) has secured roughly $25 billion in net inflows year-to-date despite negative returns for the period. The ETF ranks sixth in net inflows among ETFs, outranking numerous traditional equity and bond funds and attracting more capital than the gold-backed ETF GLD, which has gained over 60% this year.

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Bloomberg ETF analyst Eric Balchunas described these inflows as a “really good sign” for the long-term outlook, highlighting that they reflect investor commitment beyond immediate price movements. According to Balchunas, “If you can do $25 billion in a bad year, imagine the flow potential in a good year,” referring to the dominant role of older, long-term holders in driving the fund’s capital.

A market participant noted that despite sustained ETF buying, Bitcoin’s price has not surged accordingly. Balchunas suggested this may mirror mature market behavior, where investors lock in profits and use income strategies like selling call options rather than pushing for quick gains. He also pointed out Bitcoin’s 120% increase the previous year, which may temper expectations for continuous rapid growth.

On a recent Friday, U.S. spot Bitcoin ETFs recorded $158 million in net outflows, with only Fidelity’s FBTC seeing inflows. Spot Ether ETFs faced $75.9 million in outflows, marking a seventh straight day of declines.

In November, BlackRock’s IBIT experienced significant pressure, registering $2.34 billion in net outflows including two large withdrawal days mid-month. However, BlackRock executives downplayed concerns. At the Blockchain Conference 2025 in São Paulo, Cristiano Castro, business development director at BlackRock, stated the firm’s Bitcoin ETFs have become key revenue streams. He emphasized that ETFs function as tools for capital allocation and cash-flow management, making episodes of compression and outflows typical.

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