“‘If $25 billion can flow into an ETF during a down year, imagine what could happen in a strong year,’ said Bloomberg ETF analyst Eric Balchunas.
Investors in spot Bitcoin ETFs are proving they don’t follow typical momentum trends.
Since its January 2024 launch, BlackRock’s iShares Bitcoin Trust (IBIT) has been a standout performer. But data highlighted by Balchunas shows the fund’s success in a surprising new light.
Through 2025, IBIT has drawn over $25 billion in inflows, ranking sixth among all ETFs. For comparison, Vanguard’s S&P 500 ETF (VOO) tops the list with $145 billion, while the iShares S&P 100 ETF (OEF) ranks 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), which ranks eighth with $20.8 billion in inflows and a 65% gain, has attracted less capital.
“Crypto Twitter tends to focus on Bitcoin’s performance, but the real story is that IBIT reached sixth place despite negative returns — a clear HODL signal,” Balchunas said.
He added, “This is a strong long-term signal. If $25 billion can flow into the ETF during a down year, the potential in a good year could be massive.”
