BlackRock’s iShares Bitcoin Trust (IBIT) drew $25.4 billion of net inflows in 2025, ranking sixth globally among ETFs by inflows and outpacing the leading gold ETF. Despite a year-to-date loss of 9.59% and a broader Bitcoin correction, demand remained resilient, signaling a shift in institutional allocation behavior.
IBIT attracted $25.4 billion in fresh capital during 2025, surpassing SPDR Gold Shares (GLD), which recorded $20.8 billion in inflows the same year. The volume placed IBIT sixth on the US ETF inflow leaderboard for 2025. Since its January 2024 launch, the product has accumulated $44.25 billion in net inflows, and it recorded a single-day high of $1.12 billion on November 7, 2024. IBIT is the only ETF on the 2025 flow leaderboard that posted a negative return for the year.
Large inflows arrived as Bitcoin fell from an October 2025 record high of 126,173 to around 88,000, a pullback of roughly 30%. Gold appreciated about 65% in 2025 but generated lower net inflows than IBIT.
The contrast highlights a “buy-the-dip” allocation pattern among some institutional investors, with capital continuing to move into a spot Bitcoin product despite short-term negative returns and heightened volatility.
A short market observation captured this dynamic succinctly: “If you can do $25 billion in bad year imagine the flow potential in good year,” said Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.
IBIT flows and market ranking
Market strategists interpret the flows as evidence of Bitcoin’s ongoing financialization. James Thorne, chief market strategist at Wellington Altus, said the asset “now behaves less like a speculative tech stock and more like a mature macro commodity.” That framing implies institutions are considering Bitcoin within portfolio-construction debates alongside traditional alternatives such as gold.
For product teams and compliance functions, the IBIT case raises operational priorities: custody arrangements, third‑party service SLAs for NAV calculation and redemption mechanics, and KYC/AML procedures at scale. The fund’s rapid accumulation and record single-day inflow highlight potential liquidity and settlement stress points that product managers and compliance officers should monitor.
IBIT’s 2025 inflows, achieved amid negative returns and a notable Bitcoin correction, mark a pivotal moment in institutional adoption of crypto ETFs and signal changing preferences in alternative-asset allocation. The fund’s performance suggests that access and product design can drive capital flows independently of short-term price action.
Market participants will watch whether IBIT’s inflows accelerate in a positive Bitcoin market and how ETF infrastructure—custody, settlement and regulatory oversight—scales to accommodate continued institutional demand.
