BlackRock's Crypto ETFs Reverse Course in Q2
BlackRock's crypto exchange-traded funds (ETFs) saw a dramatic reversal in the second quarter, according to recent SEC filings. The $17.4 billion year-over-year swing reflects a significant shift from a $13.9 billion increase in Q2 2025 to a $3.5 billion decrease in Q2 2026.
The iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA) recorded net capital-share decreases of $2.9 billion and $583.4 million, respectively. The filings show that IBIT issued $4.3 billion in shares and redeemed $7.2 billion worth of shares during the quarter, resulting in a net decrease.
BlackRock's spot Bitcoin and Ethereum ETFs reduced their net assets by over $7 billion and $1.5 billion, respectively, during Q2 2026. The activity tables revealed that 106,148 BTC and 770,839 ETH were sold for share redemptions, valued at $3.85 billion and $904 million, respectively.
While August saw some inflows into the funds, with a total of $562.3 million in combined inflows across three sessions, it is unclear whether these are sustained or indicative of a larger trend. To put this into perspective, $562.3 million represents only 15.9% of the $3.5 billion decrease.
BlackRock's crypto ETFs have seen a significant shift in investor sentiment, with a reversal from a $13.9 billion increase to a $3.5 billion decrease. The August inflows offer some hope, but it remains to be seen whether these are a sign of a larger trend or just a blip on the radar.