BlackRock's IBIT ETF beats expectations despite Bitcoin plunge

There are those who observe crypto from a distance, with suspicion or curiosity. And then there is BlackRock. Far from having missed the train, the financial giant has moved into first class. Its Bitcoin ETF, IBIT, sits proudly on its home page, among the big winners of its 2025 strategy. This choice may come as a surprise. Because bitcoin has fallen this year, and IBIT has not posted a flattering return. Yet investors are flocking. And BlackRock seems to be receiving much more than criticism.

BlackRock ranks Bitcoin as a strategic pillar

On BlackRock's homepage, the IBIT ETF is listed alongside short-term Treasuries (SGOV) and top tech stocks. A calculated staging: bitcoin becomes a fundamental assetalongside cash and stocks. Not a fringe bet.

And this, despite a volatile year. BTC has lost 30% since its peak in October 2024. A decline that does not frighten Nate Geraci, president of NovaDius:

Despite IBIT's losses this year, iShares is clearly not panicking about bitcoin's short-term movements.

This signal contrasts with market standards. Generally, a management company highlights its most profitable products. There, BlackRock is playing the conviction card. IBIT is loss-making, but it is promoted as a pillar. And this sends a clear message to the crypto industry.

IBIT: a loss-making ETF, but king of flows

Despite a negative return, IBIT raked in between $25 billion and $29.6 billion in net flows this year. It ranks 6th global ETF by capital inflow. Even ahead of the SPDR Gold Trust (GLD), although up 64% over the year.

Eric Balchunas, analyst at Bloomberg, emphasizes the extent of the phenomenon :

The fund even collected more than the GLD, which nevertheless increased by 64%. This is a very good long-term signal in my opinion. If we can rake in $25 billion in a bad year, imagine the potential flows in a good year.

This dynamic shows a shift: institutional investors no longer want to miss the crypto wave. They no longer react to weekly variations, they anticipate the decade. HODL becomes a strategy, not a meme. And BlackRock, quietly, captures this change in the crypto market better than anyone.

BlackRock skips altcoins and strengthens its crypto offering

While others are multiplying ETFs on Solana, XRP or Litecoin, BlackRock remains focused. Its Bitcoin–Ethereum duo dictates the pace. ETHA ETF surpasses $12.7 billion in inflows. And a second product, staked this time, is currently being validated.

Better yet, IBIT could soon be available in a “Premium Income” version, with income from the sale of options on BTC. It's no longer crypto-trading: it's financial engineering applied to crypto.

Critics, although numerous, struggle to begin this strategy. But the numbers prove the cynics wrong. BlackRock structures, collects, transforms. And continues to ignore the altcoin hype, in favor of a clear vision.

Some numbers to keep in mind

• IBIT has accumulated $62.5 billion in inflows since its launch;
• The BTC price was at $87,088 at press time;
• ETHA, the Ethereum ETF, reaches $12.7 billion in inflows;
• IBIT is ahead of GLD, a gold ETF that has performed well this year;
• Up to $142 million in outflows in one day on Bitcoin ETFs.

Markets have short memories, but solid strategies endure. BlackRock is consolidating its place in the crypto universe, even when the wind is blowing hard. Larry Fink, although he recently converted to Bitcoin, maintains a critical outlook. He did not hesitate to call BTC a “fear asset” recently. So, even among giants, confidence never excludes caution.