Despite being the only fund in the top cohort with negative returns, BlackRock’s iShares Bitcoin Trust (IBIT) ranks sixth in net inflows, pulling in roughly $25 billion in year-to-date inflows. Traditional equity and bond ETFs ahead of IBIT on the leaderboard posted double-digit gains, with gold-backed ETF GLD attracting less capital.

Market participant questions why strong institutional buying through ETFs has not pushed Bitcoin price higher. Analyst Eric Balchunas suggests the market may be behaving like a mature asset class, with early holders taking profits and deploying income strategies, rather than chasing immediate upside. US spot Bitcoin ETFs saw $158 million in net outflows on Friday.

BlackRock’s IBIT faced heavy pressure in November, recording about $2.34 billion in net outflows. Despite this, BlackRock executives defended the ETF, stating that outflows are normal and ETFs are designed to facilitate capital allocation and cash-flow management. Cristiano Castro, BlackRock’s business development director, noted that Bitcoin ETFs have become one of the firm’s largest revenue drivers.

Read more at Cointelegraph: BlackRock’s IBIT Ranks 6th in ETF Flows Despite Negative Returns