Emre Yumlu 
One of the world’s largest asset managers, BlackRock, has made noteworthy comments regarding the behavior of Bitcoin ETF investors. According to Robert Mitchnick, head of the company’s digital assets division, the vast majority of Bitcoin ETF investors are pursuing long-term accumulation strategies rather than short-term trading.
Mitchnick estimates that more than 90% of ETF investors—including retail investors, financial advisors, and institutional investors—continue to accumulate Bitcoin despite market volatility.
Bitcoin ETF Investors Are Adopting a “Buy the Dip” Strategy
According to the BlackRock executive, retail investors in particular are taking a long-term perspective. During market downturns, a significant portion of these investors prefer to “buy the dip” rather than sell. Only about 10% of ETF investors are engaging in shorter-term, tactical trading.
This smaller group is largely composed of hedge funds. Their strategies include holding long positions in spot ETFs while shorting futures, or performing “basis trades” (arbitrage strategies). While these approaches are often market-direction neutral, they can still cause short-term fluctuations in ETF inflow and outflow data.
In contrast, the overwhelming majority of the investor base continues to approach Bitcoin with a long-term outlook.
Strong Capital Inflows into Bitcoin ETFs
Despite Bitcoin price volatility, demand for ETFs remains robust. BlackRock’s iShares Bitcoin Trust (IBIT) attracted approximately $26 billion in net inflows throughout 2025, ranking among the top ETFs worldwide in terms of capital inflows. This performance occurred even though Bitcoin delivered negative returns during the same period.
According to Mitchnick, while other parts of the crypto ecosystem experienced selling pressure, ETF investors have shown a more stable and long-term approach. Notably, even as crypto exchanges and leveraged derivatives markets saw heavy selling, ETF investors largely held their positions.
Crypto ETF Demand Concentrated in Bitcoin and Ethereum
BlackRock reports that investor interest in crypto ETFs is heavily concentrated in Bitcoin and Ethereum. While the firm is evaluating opportunities for other digital assets, it is taking a cautious approach to launching new products. When developing new ETFs, the company considers factors such as market maturity, liquidity levels, and real-world use cases.
Staking Feature Could Strengthen Ethereum ETFs
This week, BlackRock launched a new Ethereum ETF with staking capabilities called ETHB. On its first day of trading, the fund attracted over $43 million in net inflows.
Previous Ethereum ETFs were unable to pass staking rewards to investors, meaning holders could not benefit from the network’s native yield. The new structure removes this limitation and offers investors additional income potential.
Nevertheless, BlackRock’s flagship Ethereum ETF (ETHA) has also shown strong growth, becoming the third-fastest-growing ETF to reach $10 billion in assets under management. Only the Bitcoin ETFs IBIT and FBTC achieved this milestone faster.
With staking income now integrated into the product, BlackRock believes ETHB could become a significant vehicle for investors seeking exposure to Ethereum.
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