BlackRock’s ISHARES BITCOIN TRUST (IBIT) has officially overtaken SPLG, the company’s flagship spot Bitcoin ETF. This is a core S&P 500 tracker with a long-standing market presence, moving to fourth place due to annual inflows.
As Bloomberg analyst Eric Barknas says, this move is more than just a symbol. This shows a shift in how big investments are split between traditional stocks and regulated crypto products.
So far, in 2025, IBIT has brought in net inflows of over $13.75 billion, and according to Balchunas, it has edged SPLG slightly at $13.74 billion. That margin may seem small in dollar terms, but the larger image is hard to ignore. IBit is still really new, only 18 months old, but it already outperforms some of the most established passive products in the US market.
What’s even more impressive is it ranks fifth in the cumulative three-year flow. This wasn’t even qualified until recently.
$ibit came in fourth on the YTD Flow Leaderboard. Pass $splg. Wild also ranks fifth in IBit in three years (despite only living at 1.5 years old). pic.twitter.com/4m2xgdx2o6
– Eric Balchunas (@ericbalchunas) June 23, 2025
Vanguard’s Voo is at the top of the list and has had a record year. In 2025, it attracted nearly $82 billion, with only June winning that total.
However, while VOO is very powerful, it is important to remember that Bitcoin ETFs are with big dogs with equity indexes. As Michael Saylor pointed out when he saw the data, IBit was able to take the lead right away, as things continued to go as they were.
Balkuna did not dismiss the possibility even while acknowledging the absurd pace of the flow to Boo. Crypto is still dangerous, but it is clear that large investors are not waiting for a perfect situation.
