In 2025, global ETF net inflows surged to $1.49 trillion, led by US stocks and gold. BlackRock’s IBIT became the only negative-return product among the top 15, highlighting a trend of capital withdrawal from Bitcoin and shifting toward the stock market.
(Background: Fidelity’s 2026 Crypto Market Outlook Report: More countries may establish Bitcoin reserves, and long-term holding of BTC remains profitable)
(Additional context: Bitcoin reaches $90,000, why do meme coins PEPE and DOGE always rally at the peak?)

Table of Contents

• Capital favors stocks, ETF net inflows set records
• IBIT shifts from star to drag
• Policy and market psychology exert dual pressure

Bloomberg analyst Eric Balchunas compiled the 2025 global ETF performance on X platform, with total net inflows reaching a record $1.49 trillion. This flood mainly flowed into US stocks, bonds, and active strategies.

Meanwhile, BlackRock’s (Bitcoin ETF (IBIT) not only failed to expand in size but also became the only negative-return product among the top 15 ETFs, declining 6.41% for the year. It’s clear that global investors have been re-evaluating Bitcoin since last year.

Final Tally: ETFs took in a record $1.48T in 2025 )nearly a $6b/day pace(, which was 28% over last year’s record. )took in $138b, which was 18% over the record it set last year. Also, 3,525 ETFs $VOO 72% of total( took in cash. Here’s the Final Leaderboard. Great job everyone. pic.twitter.com/aoLF73rE4f

— Eric Balchunas )@EricBalchunas( January 2, 2026

) Capital favors stocks, ETF net inflows set records

According to US ETF market data, net inflows into US-listed ETFs in 2025 reached $1.49 trillion. US stocks and investment-grade bonds captured most of the orders, interpreted by the market as a boost from Trump’s anniversary tax cuts and deregulation, directly improving corporate earnings expectations. AI giants served as a rocket booster, making “buying big US stocks” the simplest and relatively best risk-adjusted return option for many asset managers, shifting capital from hedging positions to stocks and active strategies that participate in real growth.

IBIT shifts from star to drag

In early 2024, Bitcoin ETFs were hailed as a gateway for institutional entry, but reality turned cold after a year.

IBIT’s size settled between $950 billion and $1 trillion. Compared to gold ETFs soaring 65% during the same period, IBIT declined 6.41% annually, becoming the only negative-return product among the top 15 ETFs. A more direct warning was in November and December, with quarterly net outflows exceeding $4.5 billion, and Bitcoin spot prices retracing 35% from all-time highs, indicating that institutions view Bitcoin as “risk capital,” and started pulling liquidity in Q4 2025.

Policy and market psychology exert dual pressure

State Street’s investment insights issued at the end of last year pointed out that when US stocks and gold are both in a bullish trend, and with tax and regulatory advantages, investors have no reason to take on the high volatility of blockchain assets.

The “double positive” from Bitcoin halving and ETF approvals in 2024 has been overly realized, and Bitcoin lacking new narratives can only passively follow macro trends, with DAT also being a fleeting phenomenon. However, from another perspective, Bitcoin has entered the ranks of global assets, with a very unique nature, and market dynamics are likely to continue evolving.

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