BlackRock’s IBIT Ranks 6th in 2025 ETF Flows Despite Negative Returns

Highlights:

• BlackRock’s Bitcoin ETF IBIT drew $25 billion in inflows this year and became a top global performer.
• Analysts said strong inflows show lasting investor confidence despite weak yearly performance.
• New large investors now hold nearly half of Bitcoin’s realized market capitalization.

BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), has become one of the top ETFs for inflows in 2025. It has attracted about $25 billion so far this year. This makes it the sixth-largest overall, even though the fund had a negative return this year. Bloomberg ETF analyst Eric Balchunas shared data showing that IBIT pulled in more money than the gold-backed ETF GLD. GLD rose over 60% this year. IBIT also outperformed several leading equity and bond ETFs that posted double-digit gains.

BlackRock’s IBIT Sees Strong Inflows from Long-Term Investors

Balchunas said the situation could be seen as a “really good sign” for the long term. He noted that the inflow numbers reflect investor behavior rather than short-term price changes. He added that if $25 billion can be attracted in a bad year, the potential flows in a good year could be much higher. Balchunas described this trend as a “HODL clinic” from long-term investors.

$IBIT is the only ETF on the 2025 Flow Leaderboard with a negative return for the year. CT's knee-jerk reaction is to whine about the return but the real takeaway is that is was 6th place DESPITE the negative return (Boomers putting on a HODL clinic). Even took in more than $GLD… pic.twitter.com/68uq3HFRuO

— Eric Balchunas (@EricBalchunas) December 19, 2025

Even with steady ETF inflows, Bitcoin’s price has not risen as some expected. Analysts say institutional investors behave like a mature market. Early investors take profits and use income strategies, such as selling call options, instead of seeking quick gains. Balchunas also said Bitcoin rose about 120% last year. This may reduce expectations for short-term growth. 

On Friday, US spot Bitcoin ETFs recorded $158 million in net outflows. Only Fidelity’s FBTC fund attracted inflows. Spot Ether ETFs saw $75.9 million in outflows. This marked the seventh day in a row of declining net flows. BlackRock’s IBIT faced heavy pressure in November. The fund recorded about $2.34 billion in net outflows, including two large withdrawal days in mid-month.

On December 19 (ET), spot Bitcoin ETFs recorded total net outflows of $158 million, with only Fidelity's FBTC seeing net inflows. Spot Ethereum ETFs posted total net outflows of $75.89 million, marking seven consecutive days of net outflows. Spot Solana ETFs recorded total net… pic.twitter.com/l0bWOXrChc

— Wu Blockchain (@WuBlockchain) December 20, 2025

BlackRock ETF Resilience and Expert Predictions Boost Bitcoin Outlook

At the Blockchain Conference 2025 in São Paulo, BlackRock business development director Cristiano Castro addressed concerns over outflows. He said the firm’s Bitcoin ETFs have become one of its largest revenue sources. He explained that ETFs are made to manage capital and cash flows, and pullbacks and outflows happen normally. This trend also shows in the broader Bitcoin market.

Structural changes are affecting price behavior. Onchain data from CryptoQuant shows that new large investors, called “new whales,” now hold nearly 50% of Bitcoin’s realized capital. They are changing the market’s cost base.

The resilience of BlackRock’s Bitcoin ETF and the involvement of large investors indicate growing confidence in the digital asset, even during weaker performance periods. Analysts note that these trends may provide support for Bitcoin in the months ahead as institutional participation continues. 

On Thursday, Citigroup released its 12-month forecasts for Bitcoin and Ethereum. The bank emphasized that easing regulatory pressures and clearer policies could attract new capital. Citi predicts Bitcoin will reach $143,000 and Ethereum $4,304 in 2026. Crypto ETF issuer Bitwise also predicted that BTC, ETH, and SOL could reach new all-time highs in 2026.

BONUS PREDICTION: Bitcoin’s correlation to stocks will fall.

Many believe that bitcoin is highly correlated to the stock market, but data suggests otherwise.

Using rolling 30-day correlations, bitcoin’s correlation with the S&P 500 has rarely topped 0.50, the usual statistical… pic.twitter.com/1VUAiaWb8k

— Bitwise (@BitwiseInvest) December 17, 2025