“If $25 billion can flow into an ETF during a down year, just imagine the potential in a strong one,” said Bloomberg ETF analyst Eric Balchunas.
Investors in spot Bitcoin ETFs are proving themselves far from typical momentum chasers.
BlackRock’s iShares Bitcoin Trust (IBIT), which launched in January 2024, has already been a standout success. But data highlighted by Balchunas shows the scale of that achievement in a new light.
Through 2025, IBIT has drawn over $25 billion in inflows, ranking sixth among all ETFs. For context, Vanguard’s S&P 500 ETF (VOO) leads the pack with $145 billion, while the iShares S&P 100 ETF (OEF) sits at 25th with $10 billion.
Remarkably, IBIT is the only fund in the top 25 inflow leaders showing a negative return this year, down 9.6% as of midday Friday. Even the SPDR Gold ETF (GLD), eighth on the list with $20.8 billion in inflows and a 65% gain in 2025, has attracted less capital.
“Crypto Twitter tends to focus on Bitcoin’s performance, but the bigger story is that IBIT ranked sixth despite negative returns — a textbook HODL moment,” Balchunas said.
He added, “This is a strong long-term signal. If investors can commit $25 billion in a down year, the potential in an up year is huge.”
