Shift

Bitcoin ETF

Bitcoin

Record

BlackRock Inc.'s spot Bitcoin (<a href="https://yellow.com/asset/btc">BTC</a>) exchange-traded fund appeared to be <a href="https://yellow.com/news/xrp-etfs-record-dollar975-million-during-19-day-inflow-streak">the sixth-largest ETF by year-to-date inflows</a>.
The fund <a href="https://finance.yahoo.com/news/bitcoin-etf-ibit-ranks-among-191610947.html">drew</a> approximately $25.4 billion in net flows despite posting a 9.6% loss for the year.
IBIT stands alone among the top-ranked ETFs with a negative return, according to data highlighted by Bloomberg Intelligence analyst Eric Balchunas.
The contrast between price performance and investor demand signals a structural shift in how capital engages with cryptocurrency exposure through regulated vehicles.
<h2 id="what-happened">What Happened</h2>
The fund's ranking places it ahead of established products including the SPDR Gold Trust.
Gold <a href="https://www.coindesk.com/markets/2025/12/03/blackrock-s-spot-bitcoin-etf-secures-top-10-spot-in-u-s-options-universe-with-7-7m-ibit-active-contracts">delivered</a> returns exceeding 64% during the same period.
Yet IBIT attracted more capital than gold-backed funds.
Investors appear to be using periods of drawdown to accumulate positions rather than reacting to short-term price movements.
The divergence from traditional performance-driven flows suggests Bitcoin ETFs are entering a new phase.
Demand now appears less sensitive to daily price swings.
Vanguard Group recently opened its platform to cryptocurrency ETF trading despite maintaining skepticism about Bitcoin.
The firm's global head of quantitative equity, John Ameriks, <a href="https://www.coindesk.com/business/2025/12/13/vanguard-exec-likens-bitcoin-to-digital-labubu-even-as-firm-opens-etf-trading-access">compared</a> Bitcoin to a "digital Labubu" - a collectible plush toy - rather than a productive asset.
Meanwhile, on-chain data from CryptoQuant shows new large investors are reshaping Bitcoin's cost base.
Addresses classified as "new whales" now account for almost 50% of Bitcoin's realized cap.
This marks a dramatic increase from before 2025, when new whales represented no more than 22% of realized capital.
Read also: <a href="https://yellow.com/news/bitcoin-price-could-hit-dollar14m-by-2035-cf-benchmarks-projects">Bitcoin Price Could Hit $1.4M By 2035, CF Benchmarks Projects</a>
<h2 id="why-it-matters">Why It Matters</h2>
The continued flows demonstrate institutional conviction in regulated Bitcoin exposure remains resilient despite price weakness.
BlackRock's brand and distribution power lower barriers for traditional investors entering cryptocurrency markets.
If IBIT can attract more than $25 billion during a year marked by negative returns, the potential for substantially larger inflows during bull markets becomes significant.
The shift in realized cap composition also signals a fundamental change in market structure.
New whales are deploying large amounts of capital at higher price levels rather than accumulating at low prices and distributing gradually like previous bull markets.
This pattern suggests a re-anchoring of Bitcoin's aggregate cost basis rather than speculative churn.
The combination of sustained ETF inflows and fresh institutional capital provides structural support independent of daily market sentiment.
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Bitcoin ETF Attracts Record Flows Despite Price Decline, Signaling Investor Shift

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