Odaily News Matrixport released a chart today saying that in 2025, the net inflow of funds into Bitcoin ETFs was just above zero, despite a strong performance at the beginning of the year, with an inflow of nearly $5.5 billion. This phenomenon is quite unexpected because Bitcoin has outperformed US technology stocks this year, and gold has also hit a record high.
It is worth noting that the total net inflow of Bitcoin ETFs was $35.5 billion, of which BlackRock accounted for $39.6 billion and Fidelity accounted for $11.4 billion, accounting for the vast majority of the total. In contrast, the inflows of other ETF issuers were relatively limited.
This suggests that the current buying is more likely coming from a specific group of institutional clients rather than being driven by broad retail funds, in which case the inflows would be more evenly distributed across ETF providers.