Investors in spot Bitcoin ETFs appear to adopt a more strategic approach rather than simply chasing trends, based on recent market activity. Since its launch in January 2024, BlackRock’s iShares Bitcoin Trust (IBIT) has emerged as a significant player in the ETF landscape, particularly as it navigates a challenging year in 2025.
According to data compiled by Bloomberg’s analyst Eric Balchunas, IBIT currently ranks sixth among all ETFs in terms of inflows, having attracted over $25 billion in investments so far this year. This places it behind only Vanguard’s S&P 500 ETF (VOO), which leads with an impressive $145 billion, while the iShares S&P 100 ETF (OEF) rounds out the top 25 with $10 billion.
Despite its heavy inflows, IBIT stands out for another reason: it is the only ETF in the top 25 to register a negative return for the year so far, with a decline of 9.6% as of midday Friday. In contrast, the SPDR Gold ETF (GLD), which holds eighth place with $20.8 billion in inflows, experienced a significant 65% increase in value during the same period, underscoring the unique situation of the Bitcoin ETF.
Balchunas commented on the market’s reaction, noting that while some investors may express frustration over Bitcoin’s performance, the inflow figures tell a different story. “Crypto Twitter’s knee-jerk reaction is to whine about the Bitcoin return,” he remarked. “But the real takeaway is that IBIT is sixth place despite the negative return, demonstrating a strong commitment from investors.”
He highlighted the implications this has for the future, suggesting that the ability to attract $25 billion in a challenging year bodes well for potential growth in more favorable market conditions. “If you can do $25 billion in a bad year, imagine the flow potential in a good year,” Balchunas concluded, reflecting optimism for the long-term viability and attractiveness of Bitcoin ETFs in the investment landscape.
