The long-anticipated approval of altcoin exchange-traded funds (ETFs) may fall short of investor expectations due to the absence of major player BlackRock, as suggested by recent market analysis.
BlackRock’s iShares Bitcoin Trust ETF has attracted $28.1 billion in investments during 2025, being the only fund to show positive year-to-date (YTD) inflows, leading to a cumulative total of $26.9 billion across spot Bitcoin ETFs.
In contrast, without BlackRock’s participation, spot Bitcoin ETFs have faced a net outflow of $1.27 billion year-to-date, according to insights from K33’s head of research, Vetle Lunde.
As the key driver of Bitcoin’s price momentum in 2025, the inflows from these ETFs have been significant, as noted by Standard Chartered’s global head of digital assets research, Geoff Kendrick.
BlackRock stands as the world’s preeminent asset management firm, boasting $13.5 trillion in assets under management as of Q3 2025.
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BlackRock’s absence may burst the bubble at altcoin ETF party
Observations point out that the lack of BlackRock in the altcoin ETF market could restrict inflows and diminish their overall impact on the cryptocurrencies, according to Lunde.
“No BlackRock, no party,” says Lunde on X. “Without BlackRock, the altcoin ETF wave lacks momentum. Competitors have the chance to attract significant flows, but this overall limits net flows.”
Related: Crypto treasuries siphon $800B from altcoins, and it might be ‘forever’
Despite BlackRock’s absence, some analysts maintain a positive outlook on the future of ETFs.
Notably, the inaugural Solana (SOL) staking ETF is projected to garner up to $6 billion in capital within its first year, asserts Ryan Lee, the chief analyst at Bitget.
Furthermore, JPMorgan anticipates that the Solana ETF could attract $3 billion to $6 billion, while an XRP ETF might secure between $4 billion to $8 billion based on the adoption trends of Bitcoin and Ethereum ETFs.
During their initial six months, Bitcoin ETFs enjoyed a 6% adoption rate, whereas Ethereum ETFs saw about 3%.
