Key Points:

• BlackRock’s crypto ETFs attracted $3 billion in net inflows in the first quarter of 2025, a decline of 83% from the strong performance seen in the previous quarter.

• Digital asset funds contributed 2.8% to the total iShares inflows, with fees from these funds accounting for under 1% of BlackRock’s long-term revenues.

As expected due to the lackluster crypto price performance in the first quarter of 2025, BlackRock (BLK) saw a significant drop in net inflows into its spot Bitcoin (BTC) and Ether (ETH) ETFs.

Investors contributed $3 billion to BlackRock’s digital asset-focused ETFs during the first three months of the year, according to the company’s Q1 earnings report. This marks an 83% decrease from the strong inflows in the fourth quarter, which were driven by rising prices and positive sentiment following Trump’s election victory.

The $3 billion in inflows during the first quarter still indicates strong demand for crypto-linked funds, despite the decline in prices.

This amount accounts for 2.8% of the total inflows into BlackRock’s vast iShares ETFs for the quarter, which also includes active, core equity, and strategic funds, among other categories. By the end of the quarter, BlackRock managed approximately $50.3 billion in digital assets, making up about 0.5% of its total assets, which exceed $10 trillion.

Digital asset ETFs generated $34 million in base fees, which accounts for less than 1% of the company’s long-term revenue.

The decrease in Bitcoin and Ether ETF inflows last quarter coincided with a 70% drop in overall iShares inflows, which fell to $84 billion from $281 billion, as global markets navigated the shifting macroeconomic landscape under President Trump.