In the first quarter, BlackRock saw an 83% plunge in Bitcoin and Ether ETF inflows, down to $3B.

BlackRock’s Crypto ETF Inflows Plunge 83% in Q1 Amid Market Cooldown

BlackRock’s digital asset holdings crossed the $50 billion mark in the first quarter of 2025, yet the figure remains a modest fraction—just 0.5%—of the firm’s more than $10 trillion in total assets under management.

In line with the lackluster performance of crypto markets during Q1, the firm saw a sharp decline in investor enthusiasm for its spot bitcoin (BTC) and ether (ETH) ETFs. According to BlackRock’s latest earnings release, just $3 billion flowed into its crypto-focused ETFs between January and March, marking an 83% decline from the previous quarter’s inflows.

The fourth quarter of 2024 had seen heightened enthusiasm and a surge in crypto allocations, fueled largely by a post-election rally after Donald Trump’s victory. In contrast, the first quarter of 2025 brought subdued sentiment and lower prices, curbing appetite for digital asset exposure.

Still, the $3 billion in inflows suggests persistent interest in crypto investment products—even amid a cooling market. That figure accounted for 2.8% of the total inflows into BlackRock’s iShares ETF suite for the quarter, which spans categories such as core equity, strategic, and actively managed funds.

Revenue generated from digital asset ETFs totaled $34 million in base fees during Q1, contributing less than 1% to BlackRock’s long-term revenue streams.

The sharp drop in crypto ETF inflows mirrored a broader deceleration across the iShares platform. Overall ETF inflows plummeted 70% to $84 billion in Q1 from $281 billion the prior quarter, as investors adjusted to shifting macroeconomic dynamics in the early months of the Trump administration.