BlackRock’s crypto ETFs shed $3.5 billion as last year’s creation boom turns into redemptions
BlackRock’s spot Bitcoin and Ethereum ETFs saw a combined $3.5 billion net decrease from capital-share transactions in Q2 2025, reversing a $13.9 billion increase in the same period a year earlier. The swing reflects share creation and redemption activity at the trust level, not price changes or investor P/L. IBIT had $4.3 billion in share-creation contributions and $7.2 billion in redemptions, producing a $2.9 billion net decrease. ETHA had $943.3 million in contributions and $1.5 billion in redemptions, for a $583.4 million decline. Separately, the trusts’ operations reduced net assets by more than $7 billion for IBIT and $1.5 billion for ETHA, including realized losses and unrealized depreciation. Recent August ETF flow data showed renewed inflows into both funds, but the key point is that sustained multi-week flow trends matter more than a few days of activity.
