Key Takeaways
- BlackRock holds $92.66 billion in BTC, more than half of the combined net assets of all U.S. spot Bitcoin ETFs.
- Grayscale has recorded $24.62 billion in net outflows since launching in January 2024.
- Without BlackRock, BTC ETF flows would be running negative overall.
U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) have been a roaring success, though mostly for BlackRock, which has been dominating the crypto ETF race since launching.
Bitcoin for BlackRock
In a recent post, K33’s Head of Research, Vetle Lunde, noted that BTC ETFs’ inflows have hit $26.9 billion year-to-date, and highlighted that BlackRock’s iShares Bitcoin Trust (IBIT) is the one fund holding them up.
IBIT is responsible for $28.1 billion of this figure, meaning that without IBIT, BTC ETFs would be running at a negative overall return.
However, what the analysis misses is that if Grayscale’s BTC ETF were also removed from the equation, funds would, most likely, be in the green, though not by much.
The worst-performing fund, Grayscale’s GBTC, hasn’t seen a single month of positive flows and has shed $24.62 billion in cumulative net outflows since launching in January 2024.
Arguably, GBTC’s persistent outflows have massively skewed these results negatively.
But that’s not to say that IBIT isn’t outperforming the competition. The numbers speak for themselves.
BlackRock’s IBIT Dominance
As of Oct. 27, 2025, BlackRock’s IBIT commands $92.66 billion in total net assets after recording $65.37 billion in cumulative net inflows.
IBIT represents roughly 60% of the $155.89 billion held in total net assets by all twelve U.S. BTC funds combined.
Together, they hold 6.83% of BTC’s total market cap; IBIT accounts for 4.06% of this figure.
- IBIT monthly flows. | Credit: SoSoValue.
IBIT has seen just one month of net outflows. This occurred in February 2025 when it lost $755.77 million, a paltry sum for the booming fund. The loss was recovered in the two months that followed.
It’s a massive overperformance for the fund. Its nearest competitor, Fidelity’s Wise Origin Bitcoin Fund (FBTC), currently holds $23.71 billion in net assets with $12.6 billion in cumulative net inflows.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
