BlackRock’s crypto inflows jump 370% in Q2 while net flows slump

BlackRock, the world’s largest asset manager with $11.5 trillion in assets under management, reported a massive increase in cryptocurrency fund inflows in the second quarter of 2025.

According to BlackRock’s quarterly earnings released on Tuesday, Q2 inflows into its crypto iShares exchange-traded funds (ETFs) surged 366% to $14 billion, up from $3 billion in the previous quarter.

The crypto inflows accounted for 16.5% of BlackRock’s total Q2 ETF inflows of $85 million, marking notable growth from just below 3% in Q1 2025.

Still, BlackRock total inflows declined 19%, falling from $84 billion in Q1 to $68 billion in Q2.

The decline reflected the impact of a “single institutional client’s $52 billion lower-fee index partial redemption,” BlackRock said.

Digital assets still account for 1% of base fees

As of June 30, digital assets generated $40 million in base fees, representing about 1% of BlackRock’s long-term revenue. This figure reflects an 18% increase from $34 million in Q1.

“While digital assets account for just 1% of base fees, their rapid growth signals increasing revenue contribution potential,” BlackRock noted in the update.

“iShares ETFs had a record first half in flows, and technology ACV growth reached a fresh high of 16%,” BlackRock CEO Larry Fink said, adding:

“We’re attracting a new and increasingly global generation of investors through things like our digital assets offerings and recently launched funds in India through our joint venture Jio BlackRock.”

Strong Q2 across the industry amid rising prices

BlackRock’s rising crypto inflows in Q2 have not surprised investors, as many market observers repeatedly highlight major milestones in the crypto ETF market.

In early June, BlackRock’s spot Bitcoin (BTC) ETF, iShares Bitcoin Trust ETF (IBIT), became the fastest ETF to ever hit the mark in only 341 days since launch last year, according to Bloomberg ETF analyst Eric Balchunas.

Related: US Bitcoin ETFs record first back-to-back $1B inflows

According to data from CoinShares, BlackRock’s crypto ETF inflows accounted for 42% of total $184 billion inflows in crypto funds in the first half of 2025.

In a broader perspective, crypto funds saw significant bullish action in Q2 2025, seeing one of the longest inflow streaks on record since April. The positive sentiment came amid Bitcoin rising 25% in Q2, compared to a 12% decline in the first quarter of the year, according to CoinGecko.

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