BlackRock (NYSE: BLK) was among the first Wall Street giants to launch a U.S. spot exchange-traded fund (ETF) tied to Bitcoin (BTC) in January 2024.
Called iShares Bitcoin Trust (Nasdaq: IBIT), the fund tracks the price of the leading cryptocurrency and provides investors indirect exposure to the decentralized asset.
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Tracking IBIT's performance
The fund made a blockbuster debut during the tenure of former U.S. President Joe Biden, posting net inflows of $2.79 billion in January, $4.97 billion in February, and $6.20 billion in March in 2024.
But the performance declined in the following months, only to recover when it appeared that Donald Trump was coming back to White House.
IBIT posted net inflows of $4.64 billion in October, $5.60 billion in November, and $5.51 billion in December in 2024. Mid-2025 also brought in billions of dollars every month until October ($3.39 billion).
In fact, the fund's price reached its all-time high (ATH) of $71.82 on Oct. 6. Even Bitcoin's price hit its ATH of $126,080 the same day.
But then, the flash crash on Oct. 10 ruined everything for the crypto market and even IBIT couldn't escape the decline.
The following months, the fund suffered wild outflows of $2.34 billion in November 2025, $473.75 million in December 2025, $136.55 million in January 2026, and $150.29 million in February 2026.
March and April brought some respite with inflows of $1.40 billion and $2 billion, only for the fund to bleed again. May saw an outflow of $1.41 billion.
June is yet to end, and the fund has already bled $2.33 billion in net outflow.
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IBIT mirrors Bitcoin
On June 24, Bitcoin fell toward $59,000 for the first time since September 2024.
IBIT not only followed the course but went further to crash to its yearly low of $33.41 the same day.
As a Bitcoin proxy, the BlackRock fund closely mirrors the cryptocurrency on the price chart. Both the assets are trading more than 50% lower than their ATHs. Both have lost nearly 45% of their value in a year.
While Bitcoin was trading at $59,144.15 at press time, IBIT was trading at $33.61.
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This story was originally published by TheStreet on Jun 25, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
