BlackRock iShares Bitcoin Trust Inflows Top $23.8B in 2025
BlackRock’s iShares Bitcoin Trust has attracted $23.8 billion in net inflows so far in 2025, placing the fund among the largest asset gatherers in the exchange-traded fund (ETF) market. At the same time, BlackRock’s tokenized U.S. Treasury fund, BUIDL, has achieved approximately 800% growth over the past 18 months, underscoring a shift in how institutional capital moves between traditional finance and the crypto economy.
Background: Net Inflows and Supply Dynamics
The BlackRock iShares Bitcoin Trust inflows have consistently outpaced new Bitcoin issuance following the latest halving. Since spot bitcoin ETFs launched, daily flow tracking has been concentrated within U.S. trading hours, reflecting where market depth has pooled. With current Bitcoin daily issuance at about 450 BTC, ETF-driven demand — averaging $87 million per day — often surpasses fresh supply, especially at higher BTC prices. According to data, even with Bitcoin trading at $120,000, average implied ETF demand exceeds daily Bitcoin issuance, highlighting ongoing supply constraints on the spot market.
The direct relationship between ETF net flows and Bitcoin’s price action is moderate, with reported R² values near 0.32. Recent liquidity trends show a concentration in U.S. trading hours, leading to brisk spot price movement and wider spreads synchronizing with ETF flow data releases.
BUIDL Tokenized Treasury Fund Expansion
Alongside iShares Bitcoin Trust, BlackRock’s BUIDL tokenized U.S. Treasury fund has seen assets surge to nearly $3 billion, a remarkable 800% expansion over an 18-month period. The fund enables holders to convert shares into USDC using an on-chain mechanism, allowing 24/7 transfers and off-ramps, and aligning the fund structure with the needs of global crypto market participants.
BUIDL’s growth is further fueled by support for multiple blockchains and rapid settlement, giving firms more flexibility for treasury management and collateral. Despite recent market moderation in front-end rates, tokenized treasury products remain attractive as competitive interest-bearing alternatives to on-exchange balances.
Market Impact and What’s Next
Spot bitcoin ETFs globally have added roughly 20,685 BTC in a single week in September, lifting U.S. ETF holdings to approximately 1.32 million BTC. ETF inflows for 2025 have already surpassed mid-year projections, with over $59 billion recorded by October. Even in scenarios with lower year-end totals, ETF demand remains robust when compared to new Bitcoin issuance. This dynamic continues to shift coins off exchanges and increasingly positions regulated capital within the Bitcoin market.
Tokenized cash vehicles such as BUIDL are expected to shape how liquidity moves across digital asset markets. Estimates from Citi suggest tokenized assets could reach $4-$5 trillion by 2030, while BCG and ADDX project even higher ceilings. The growing ability to convert large sums between on-chain accounts and real-world cash, especially through regulated funds, is changing treasury operations and the intraday dynamics of crypto markets.
Despite recent outflows and operational gates that may limit instant liquidity during periods of stress, BlackRock’s advances illustrate how ETFs and tokenized assets are reshaping market structure and capital flows. The next update on ETF flows is expected with Monday’s weekly data release.
For more on digital asset funds and their impact on crypto markets, visit our cryptocurrency coverage.
