Julio Moreno, the Head of Research at CryptoQuant,  stated in his recent X post that, as of 2025 to date, Bitcoin exchange-traded funds (ETFs) have shown a strong trend. 

According to the data mentioned, BlackRock’s iShares Bitcoin Trust (IBIT) has gradually increased its Bitcoin holdings, while most other Bitcoin ETFs show decreasing amounts.

Market uncertainty arises from BlackRock’s diverging ETF strategies

The chart below shows the year-to-date change in Bitcoin holdings for various ETFs sourced from CryptoQuant. Standing out in the crowd is BlackRock’s IBIT, which boasts a significant increase of 19,514.4 BTCs in its portfolio. 

On the other hand, other ETFs, including top names such as Grayscale’s GBTC, have experienced negative changes in their BTC reserves. The biggest outflow was from GBTC, with almost 15,256.6 BTCs. FBTC, BRRR, BTCO, and BITB have also experienced some degree of Bitcoin sell-offs.

While BlackRock is obviously buying Bitcoin, the rest of the ETF market players are actually stepping back, said Julio Moreno. According to him, this is causing the demand for Bitcoin to stagnate.

Institutional sentiment shifts are evident in Bitcoin ETFs

Experts believe that the buying pattern displayed by Bitcoin ETFs is a crucial change in institutional sentiment, and BlackRock’s support for Bitcoin could be part of its long-term investment plan.

Other outflows, however, could be a result of investors taking profits or a change in fund strategy. The Bitcoin ETF data also serves as a reminder that only a few key players have continued to have a more significant impact on the market despite growing interest from many institutional investors.

Lack of support for ETF keeps Bitcoin’s growth uncertain

The chart from CryptoQuant and Moreno’s analysis emphasizes the importance of having varied participation among Bitcoin ETFs and a reasonable amount of market demand surrounding this product. 

If the trend continues the way it is right now, where only one major ETF is accumulating while other ETFs sell, it could create an imbalance that could threaten Bitcoin’s stability and the investors’ confidence.

Bitcoin is trading at $84,953.64, still down by 22% from its all-time high according to CoinMarketCap. With a price that doesn’t appear to move much, this merely indicates that market players might be taking their time to observe the actions of institutional players.

BlackRock induced uptick, after Bitcoin’s aggressive accumulation, demonstrates how dependent Bitcoin’s path now is on both broad ETF activity and investor sentiment. 

Without more institutions stepping in to stabilize the asset, Bitcoin could keep floating around in this range lacking the necessary momentum to break out of it.