“‘If you can pull in $25 billion in a down year, imagine the potential in a good year,’ Bloomberg’s Eric Balchunas remarked.

Spot Bitcoin ETF investors may have proven themselves to be far from typical momentum chasers in 2025.

BlackRock’s iShares Bitcoin Trust (IBIT), which debuted in January 2024, has been a remarkable success. But data analyzed by Bloomberg ETF expert Eric Balchunas casts that achievement in an even more striking light.

Through 2025, IBIT has drawn over $25 billion in investor inflows, ranking sixth among all ETFs. By comparison, Vanguard’s S&P 500 ETF (VOO) tops the list with $145 billion, while the iShares S&P 100 ETF (OEF) sits at 25th with $10 billion.

Remarkably, IBIT is the only fund among 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 in 2025, lags behind IBIT in attracting capital.

“Crypto Twitter’s instinct is to gripe about Bitcoin’s performance,” Balchunas said. “But the real story is that IBIT secured sixth place despite negative returns — a classic HODL demonstration from investors.”

He added, “That’s an encouraging signal for the long term. If $25 billion can flow in during a down year, just think of the potential in a bullish year.”