BlackRock's BTC and ETH ETFs are attracting funds, increasing market concentration.
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According to Farside Investors, US spot Bitcoin (BTC) ETFs will account for the majority of total cryptocurrency ETF inflows, recording net inflows of approximately $21.4 billion (KRW 30.9658 trillion) through 2025. This represents a decrease from the approximately $35.2 billion recorded in 2024.
The spot Ethereum (ETH) ETF recorded net inflows of approximately $9.6 billion (KRW 13.8912 trillion) during the same period, representing a roughly fourfold increase from the previous year. Launched in July 2024, the Ethereum ETF effectively had its first full trading year last year.
Launched in the second half of 2025, the Solana (SOL) spot ETF attracted approximately $765 million (KRW 1.107 trillion) in capital since its launch, demonstrating the fastest growth among new cryptocurrency ETFs. The market attributes this trend to a pro-cryptocurrency policy stance and changes in the securities regulatory environment.
BlackRock's market dominance has been further strengthened. The iShares Bitcoin Trust (IBIT) significantly outpaced its competitors, recording net inflows of approximately $24.7 billion (KRW 35.74 trillion) in 2025. This is roughly five times the size of the Fidelity Wise Origins Bitcoin Fund (FBTC).
Bloomberg ETF analyst Eric Balchunas reported that IBIT recorded the sixth-highest net inflow among all ETFs in mid-December last year. He emphasized that the massive inflows continued even as Bitcoin prices declined slightly compared to the beginning of the year.
Meanwhile, the remaining nine spot Bitcoin ETFs, excluding IBIT, recorded net outflows of approximately $3.1 billion on an annual basis. The Grayscale Bitcoin Trust ETF saw an outflow of approximately $3.9 billion.
BlackRock's dominance in the Ethereum ETF market continued. The iShares Ethereum Trust (ETHA) maintained its cumulative inflow of approximately $12.6 billion despite seeing no new inflows for twelve consecutive trading days. The Fidelity Ethereum Fund and Grayscale Ethereum Mini Trust ETF followed suit.
On-chain data analytics firm Glassnode analyzed that there has been little new demand observed for spot Bitcoin and Ethereum ETFs in the past month, suggesting that the ETF market is likely to start off relatively smoothly in early 2026.
Meanwhile, in the second half of 2025, Litecoin (LTC), Solana (SOL), and XRP ETFs will also be launched, expanding the path for investors to access major altcoins through regulated financial products.
The industry predicts a surge in cryptocurrency ETF launches in 2026. Crypto asset management firm Bitwise predicted that more than 100 cryptocurrency ETFs could launch in 2026 alone. However, Bloomberg analyst James Seyffart predicted that a significant number of these products will likely be withdrawn from the market after 2027 due to lack of demand.
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
