BlackRock's crypto exchange-traded funds (ETFs) recorded $3.1bn in outflows during the second quarter of 2026, marking a sharp reversal from $14.1bn in inflows a year earlier, even as the world's largest asset manager posted strong overall inflows and beat Wall Street's earnings expectations.
BlackRock Crypto ETF Demand Collapsed in Q2, an Off-Note in a Record Report
15 July 2026 - 21:33 CEST
By Jona Jaupi
The quarterly reversal was enough to leave BlackRock's crypto ETFs with $2.2bn in net outflows across the first six months of the year. The asset manager's flagship crypto funds include the iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) – the largest US spot Bitcoin and spot Ether ETFs, respectively.
The swing reflects a weaker quarter for crypto assets, with falling Bitcoin (BTC) and Ether (ETH) prices driving investor withdrawals from crypto ETFs even as demand for BlackRock's broader ETF business remained strong.
Bitcoin traded around $66,900 at the start of April, briefly climbed above $80,000 in May, then fell to $60,000 by the end of June. As of 15:28UTC, the cryptocurrency traded at $65,200, up 2% on the day. Ether traded at $1,922, up 3% over the past 24 hours.
ETF flows
As of 13 Jul, IBIT held $47.3bn in net assets, accounting for 3.7% of Bitcoin's market capitalization, according to SoSoValue. ETHA held $5.3bn in net assets, equal to 2.3% of Ether's market capitalization.
Both funds swung from inflows in April to withdrawals in May and June. IBIT took in $2bn in April before posting $1.4bn and $3.6bn in net outflows over the following two months, while ETHA moved from $212mn of inflows to $419mn and $377mn of outflows, according to SoSoValue.
Overall, BlackRock's larger ETF business attracted $177.9bn in net inflows during the quarter, more than double the $85bn recorded a year earlier. The ETFs accounted for 45% of its base fees and securities lending revenue.
Digital assets remain small
Meanwhile, the value of assets held across BlackRock's crypto funds fell by nearly 20% during the quarter – $48.8bn at the end of June from $60.7bn three months earlier – as investor withdrawals coincided with losses in the underlying market.
Even with the crypto-related decline, the company beat analysts' expectations. BlackRock reported revenue of $7.08bn and adjusted earnings per share of $13.91, topping estimates for revenue of $6.86bn and adjusted earnings per share of $12.67, according to Yahoo Finance.
Shares of BlackRock (BLK) rose on the report, trading over 7% higher on the day at around $1,085 as of 15:20UTC. BlackRock said digital assets generated $40mn in base fees and securities-lending revenue during the quarter, making up less than 1% of the firm's total revenue from these activities.
Record quarter
Overall, BlackRock reported a record $15.3tn in assets under management (AUM) after recording $191.7bn in total net inflows during the quarter.
The company attracted a record $321bn during the first half, helping drive a 31% rise in revenue and a 15% increase in adjusted earnings per share from a year earlier.
