Matrixport: Bitcoin ETF Fund Inflows Concentrated Among Major Institutions, Reflects Stronger Institutional Demand Over Retail Participation

Matrixport released a chart today indicating that the net inflow of funds into Bitcoin ETFs in 2025 is only slightly above zero, despite a strong start to the year with nearly $5.5 billion recorded. This phenomenon is quite surprising as Bitcoin has outperformed U.S. tech stocks this year, and gold has also reached an all-time high.
Notably, the total net inflow into Bitcoin ETFs amounted to $35.5 billion, with BlackRock accounting for $39.6 billion and Fidelity for $11.4 billion, together commanding the vast majority of the market share. In contrast, inflows to other ETF issuers are relatively limited.
This suggests that current buying is more likely from specific institutional client groups rather than driven by widespread retail funds—if the latter were the case, the inflows would be more evenly distributed among different ETF providers.