The iShares Bitcoin Trust (IBIT) attracted $25.4 billion in inflows in 2025, yet reported a 9.59% year-to-date drawdown. Despite being the only ETF on the 2025 Flow Leaderboard with a negative return, IBIT's inflows surpassed those of Gold ETFs, even as gold prices surged 64% this year. Bitcoin's weak performance in the fourth quarter contributed to a slowdown in ETF flows, with Bitcoin Spot ETFs losing $36 billion from their peak. Bloomberg analyst Eric Balchunas attributed IBIT's underperformance to timing rather than a lack of interest in Bitcoin exposure.