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BlackRock Bets Big on Bitcoin for 2025
23 Dec
Summary
- BlackRock includes Bitcoin ETF as a 2025 investment theme.
- Bitcoin ETFs saw outflows on half of trading days last month.
- Perpetual futures open interest rose 2% as Bitcoin neared $90,000.
BlackRock has identified its spot Bitcoin ETF as one of its top three investment themes for 2025, indicating a strategic, long-term commitment to the cryptocurrency. This conviction persists even as Bitcoin's price has experienced significant fluctuations. Year-to-date, BlackRock's Bitcoin ETF has attracted approximately $29.6 billion in net inflows, with cumulative inflows reaching $62.5 billion since its inception.
However, short-term trends present a mixed picture. Bitcoin ETFs have faced outflows on approximately half of the trading days in the past month, with a recent single-day net outflow of $142 million. This suggests caution among some investors with shorter time horizons, despite the ongoing commitment from institutional players.
Conversely, the derivatives market shows growing optimism. Bitcoin perpetual futures open interest increased by about 2% to 310,000 BTC as the price moved above $90,000. Funding rates have also climbed, indicating a rise in leveraged long positions, with traders potentially positioning for year-end gains, though this also heightens sensitivity to price volatility.
