Spot bitcoin ETF investors may have turned out to be anything but momentum chasers this year.
While it’s no secret that BlackRock’s iShares Bitcoin Trust (IBIT) has been wildly successful since it opened in January 2024, data compiled by Bloomberg’s crack ETF analyst Eric Balchunas shows that success in a different light.
So far in 2025, IBIT ranks sixth out of all ETFs in inflows, bringing in more than $25 billion in investor cash. In a list of the top 25 funds by inflows, Vanguard’s S&P 500 ETF ( VOO ) ranks first with $145 billion, and in 25th place is the iShares S&P 100 ETF ( OEF ) with $10 billion.
Of the entire list of the top 25, Balchunas noted, IBIT is the only one with a negative return for the year — down 9.6% as of Friday midday. Even the SPDR Gold ETF (GLD) – in eighth place at $20.8 billion – took in less money than IBIT despite a massive 65% gain in 2025.
“Crypto twitter’s knee-jerk reaction is to whine about [BTC] back,” Balchunas said. “But the real takeaway is that it was 6th DESPITE the negative return (boomers are putting on a HODL clinic).”
“It’s a really good sign for the long term,” he continued. “If you can make $25 billion in a bad year, imagine the flow potential in a good year.”
