BlackRock Crypto ETF Inflows Fall Sharply Despite Digital Asset AUM Crossing $50B

BlackRock’s digital asset assets under management climbed to $50.3 billion by the end of Q1 2025, yet the firm saw a steep drop in new money flowing into its crypto ETFs, reflecting a broader slowdown in investor sentiment.

The asset management giant reported just $3 billion in inflows to its spot bitcoin (BTC) and ether (ETH) exchange-traded funds during the first quarter—an 83% decline from the surge seen in Q4 2024, when crypto markets rallied following Donald Trump’s presidential victory.

While the decline mirrors a wider pullback in digital asset enthusiasm amid weaker price action, the $3 billion still points to sustained, if subdued, demand for crypto exposure via traditional financial products.

The inflows into BlackRock’s crypto ETFs represented 2.8% of all new capital entering the firm’s iShares ETF offerings, which span a broad range of strategies from core equity to active and strategic funds. Despite the growth in AUM, crypto still comprises just a sliver—0.5%—of BlackRock’s more than $10 trillion in total assets.

Revenue from these digital asset ETFs contributed $34 million in base fees during the quarter, equating to less than 1% of the firm’s long-term income.

The slowdown in crypto ETF demand came as part of a broader deceleration across iShares products, with total ETF inflows dropping 70% to $84 billion in Q1 from $281 billion in the prior quarter, as global markets adjusted to the early economic signals of the Trump administration’s return to office.