‘No BlackRock, no party’ for Bitcoin, altcoin ETF investments: K33 Research

BlackRock was the only reason Bitcoin ETF investments didn’t turn negative in 2025, raising concerns for altcoin ETF performances without the asset manager.

The long-awaited approval of altcoin exchange-traded funds (ETFs) may not bring the massive inflows investors expect without participation from asset management giant BlackRock, according to market data.

BlackRock’s iShares Bitcoin Trust ETF received $28.1 billion in investments in 2025, as the only fund with positive year-to-date (YTD) inflows, pushing total spot Bitcoin ETF inflows to a cumulative $26.9 billion.

Without BlackRock’s fund, the spot Bitcoin ETFs recorded a cumulative net outflow of $1.27 billion year-to-date, according to K33’s head of research, Vetle Lunde.

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