“‘If $25 billion can flow in during a rough year, imagine the potential in a strong one,’ said Bloomberg ETF analyst Eric Balchunas.
Investors in spot Bitcoin ETFs may be showing they are far from typical momentum chasers.
Since its launch in January 2024, BlackRock’s iShares Bitcoin Trust (IBIT) has been a standout performer. Data compiled by Balchunas, however, highlights the fund’s success from an unexpected angle.
So far in 2025, IBIT has attracted more than $25 billion in inflows, ranking sixth among all ETFs. By comparison, Vanguard’s S&P 500 ETF (VOO) leads the list with $145 billion, while the iShares S&P 100 ETF (OEF) rounds out the top 25 with $10 billion.
Notably, IBIT is the only fund among these top 25 inflow leaders posting a negative return this year, down 9.6% as of midday Friday. Even the SPDR Gold ETF (GLD), which ranks eighth with $20.8 billion in inflows and a 65% gain in 2025, has drawn less investor capital.
“Crypto Twitter often focuses on Bitcoin’s performance, but the real story is that IBIT ranks sixth despite negative returns — a strong HODL signal from investors,” Balchunas noted.
He added, “That’s a promising indicator for the long term. If $25 billion can flow into the ETF during a down year, the potential in a positive year could be enormous.”
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