Matrixport: Bitcoin ETF inflows are concentrated in leading institutions, reflecting stronger institutional demand than broad retail participation

Net inflows into bitcoin ETFs in 2025 were just above zero, according to a new report from Matrixport, despite a strong start to the year, when inflows of nearly $5.50 billion were recorded. This came as a surprise, given that bitcoin has outperformed US tech stocks this year and gold has hit record highs. It is worth noting that total net inflows into bitcoin ETFs were $35.50 billion, with BlackRock accounting for $39.60 billion and Fidelity accounting for $11.40 billion, which together account for the vast majority. In contrast, inflows from other ETF issuers were relatively limited. This suggests that current buying is more likely to be driven by a specific group of institutional clients than by broad retail funds - in which case the inflows would be more evenly distributed across ETF providers.