Emre Yumlu 
The year 2025 has been a defining moment for crypto exchange-traded funds (ETFs), but new data from K33 Research suggests that the entire market’s positive momentum may be tied to just one player — BlackRock. According to the firm’s analysis, Bitcoin ETF inflows would have turned negative without the asset management giant’s participation, raising questions about the outlook for upcoming altcoin ETFs.
The BlackRock Effect on Bitcoin ETFs
BlackRock’s iShares Bitcoin Trust ETF dominated the ETF landscape throughout 2025, drawing $28.1 billion in investments — making it the only fund with net positive inflows this year. Collectively, Bitcoin spot ETFs have recorded $26.9 billion in total inflows.
However, K33’s head of research Vetle Lunde highlighted that without BlackRock’s influence, Bitcoin ETFs would have experienced a $1.27 billion net outflow. This underlines how crucial the firm’s involvement has been in sustaining Bitcoin’s bullish momentum throughout the year.
Supporting this view, Geoff Kendrick, global head of digital assets research at Standard Chartered, emphasized that inflows from spot Bitcoin ETFs have been the primary driver behind Bitcoin’s price strength in 2025.
“No BlackRock, No Party” for Altcoin ETFs
With $13.5 trillion in assets under management as of Q3 2025, BlackRock remains the world’s largest asset manager. Yet, its absence from the next wave of altcoin ETFs could significantly limit potential inflows and investor enthusiasm.
Vetle Lunde summarized this sentiment bluntly in a post on X: “No BlackRock, no party.” While this may create an opportunity for competitors, Lunde noted that overall capital flows are likely to remain constrained without BlackRock’s participation.
Analysts Still See Promise in Altcoin ETFs
Despite concerns, some analysts remain optimistic about the prospects for altcoin-based ETFs. Ryan Lee, chief analyst at Bitget Exchange, projected that the first Solana staking ETF could attract as much as $6 billion within its first year.
Similarly, JPMorgan analysts expect a Solana ETF to bring in between $3 billion and $6 billion, while an XRP ETF could draw $4 billion to $8 billion in new investments.
For context, Bitcoin ETFs captured roughly 6% of BTC’s total market capitalization during their first six months, while Ether ETFs reached around 3% in the same period — setting a benchmark for future altcoin products.
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