BlackRock’s Bitcoin ETF records $25 billion in annual inflows even as BTC faces a price decline.

“‘If $25 billion can flow into an ETF in a down year, just imagine what could happen in a strong year,’ said Bloomberg ETF analyst Eric Balchunas.

Spot Bitcoin ETF investors are showing they aren’t typical momentum chasers.

BlackRock’s iShares Bitcoin Trust (IBIT), which launched in January 2024, has been a standout performer. But data highlighted by Balchunas puts that success in a striking new perspective.

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 with $145 billion, while the iShares S&P 100 ETF (OEF) ranks 25th with $10 billion.

IBIT is the only fund among the 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, has drawn less capital.

“Crypto Twitter tends to focus on Bitcoin’s returns, but the bigger story is that IBIT reached sixth place despite negative performance — a clear HODL signal from investors,” Balchunas noted.

He added, “It’s a positive long-term sign. If $25 billion can flow into the ETF during a down year, the potential in a strong year is enormous.”