BlackRock’s crypto ETFs shed $3.5 billion as last year’s creation boom turns into redemptions

BlackRock’s spot Bitcoin and Ethereum ETFs recorded a combined $3.5 billion net decrease from capital-share transactions in the second quarter, reversing a $13.9 billion increase a year earlier, according to new SEC filings.

The $17.4 billion year-over-year swing measures trust-level share creation and redemption activity.

The Aug. 6 filings for the iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA) use the capital-share line for contributions tied to issued shares less distributions tied to redeemed shares. It is separate from price-driven changes in the trusts’ net assets and investors’ individual profits or losses.

IBIT recorded $4.3 billion of contributions for shares issued and $7.2 billion of distributions for shares redeemed during the three months ended June 30. The difference produced a $2.9 billion net decrease.

ETHA recorded $943.3 million in contributions and $1.5 billion in distributions, resulting in a $583.4 million decrease.

The 2025 IBIT filing and 2025 ETHA filing show the combined $13.9 billion prior-year increase, creating a $3.5 billion decrease against this year.

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