BlackRock Crypto ETFs Shed $3.5 Billion as Q2 Boom Turns to Redemptions

BlackRock's crypto exchange-traded funds (ETFs) saw a significant swing in capital-share transactions from Q2 last year to this year. The firm's spot Bitcoin and Ethereum ETFs recorded a combined net decrease of $3.5 billion, reversing the $13.9 billion increase seen in 2025.

The quarterly filings for iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA) show that IBIT recorded $4.3 billion in contributions and $7.2 billion in distributions during Q2, resulting in a net decrease of $2.9 billion. ETHA saw $943.3 million in contributions and $1.5 billion in distributions, leading to a $583.4 million decrease.

The combined $13.9 billion increase from last year's filings is starkly contrasted with this year's $3.5 billion net capital-share decrease. BlackRock's funds' operations reduced net assets by over $7 billion during the second quarter for IBIT and $1.5 billion for ETHA, including net realized losses and unrealized depreciation at the trust level.