Main Points ：
- Eight Consecutive Days of Bitcoin ETF Inflows: US spot Bitcoin ETFs recorded net positive inflows for the eighth trading day on June 18, bringing in $388.3 million despite rising Israel–Iran tensions.
- BlackRock’s IBIT Dominance: Among Bitcoin ETFs, the iShares Bitcoin Trust (IBIT) led inflows every day since June 9, including $930 million on June 17 and $278.9 million on June 18.
- Ethereum ETFs Continue Steady Gains: US spot Ethereum ETFs saw $19.1 million in net inflows on June 18, marking three consecutive days of positive flows.
- Resilience Amid Geopolitical Risk: Despite cryptocurrencies often viewed as risk assets, demand for spot crypto ETFs has held firm, supporting BTC and ETH prices.
- Institutional and Retail Appeal: Spot crypto ETFs offer regulated, tax-advantaged exposure without direct coin custody, attracting both institutional investors and retail participants.
Sustained Inflows Amid Geopolitical Tensions
In the wake of escalating military clashes between Israel and Iran, traditional risk assets might typically face sell-offs. However, spot cryptocurrency ETFs have shown exceptional resilience. On June 18, US-listed Bitcoin spot ETFs attracted $388.3 million in fresh capital, marking the eighth consecutive trading day of net inflows. This continued buying interest comes as investors seek alternative hedges and diversifiers in turbulent times.
This sustained inflow streak began on June 9, when Bitcoin spot ETFs recorded $386.2 million in net new assets, and peaked at $408.6 million on June 16. The cumulative effect of these inflows has not only bolstered ETF assets under management but has also provided upward support for Bitcoin’s spot price, which hovered near $110,000 (¥15.98 million) at mid-June.
BlackRock’s IBIT Leads the Charge
BlackRock’s iShares Bitcoin Trust (IBIT) has been the primary driver of inflows among US spot Bitcoin ETFs. Unlike other issuers, IBIT has posted daily net inflows every business day since June 9, including $639.2 million on June 17 and $278.9 million on June 18. The fund’s broad distribution network and integration into institutional platforms have made it the go-to vehicle for gaining regulated exposure to Bitcoin. As of June 20, IBIT’s assets under management have surpassed $50 billion.
Selected Bitcoin Spot ETF Net Inflows (June 9, 16, 18, 2025)
Ethereum ETFs Gain Momentum
Ethereum spot ETFs have followed a similar pattern, albeit on a smaller scale. On June 18, the leading Ethereum ETF, BlackRock’s ETHA, logged $19.1 million in inflows, marking its third straight day of net positive flows and reversing a minor outflow on June 13. James Butterfill, head of research at CoinShares, noted that investor sentiment for Ethereum has “improved significantly,” with demand driven by expectations of network upgrades and decentralized finance (DeFi) growth.
Institutional Demand and Market Sentiment
The resilience of spot crypto ETFs amid geopolitical stress highlights a shift in how institutional investors view digital assets. Previously treated as high-beta risk assets, Bitcoin and Ethereum are increasingly seen alongside gold as potential safe-haven instruments when traditional markets waver. According to Butterfill, “after an initial phase of risk-off selling, crypto assets have exhibited strong rebounds, indicating robust underlying demand,” echoing patterns seen in precious metals markets.
Moreover, spot ETFs address concerns around direct custody, counterparty risk, and regulatory uncertainty. These products trade on regulated exchanges, benefit from established tax regimes, and require no direct handling of private keys, making them attractive for pension funds, endowments, and retail investors seeking exposure without operational overhead.
Advantages of Spot Crypto ETFs
Spot cryptocurrency ETFs offer several key advantages:
- Regulated Exposure
Trade on established exchanges under SEC oversight, reducing legal ambiguity. - Tax Efficiency
Eligible for certain tax treatments not available to direct crypto holdings. - Operational Simplicity
No need for private-key management or cold storage; traditional brokers handle transactions. - Liquidity
High daily trading volumes and market-making support tight bid-ask spreads. - Transparency
Daily reporting of holdings and NAV ensures visibility into fund operations.
These benefits have led to rapid adoption: US spot Bitcoin ETFs surpassed $136 billion in combined assets less than a year after launch. State Street forecasts that crypto ETFs may become the third-largest ETF asset class in North America by year-end, outpacing precious metal funds.
Looking Ahead
As geopolitical uncertainty persists, spot crypto ETFs may continue attracting inflows from investors seeking portfolio diversification and inflation hedges. Upcoming catalysts include:
- Regulatory Developments: Potential SEC approvals for additional coin ETFs (e.g., Solana, Cardano).
- Network Upgrades: Ethereum’s roadmap milestones (e.g., Proto-Danksharding) may boost sentiment.
- Institutional Onboarding: Continued integration of ETFs into retirement plans and university endowments.
- Macro Trends: Rising inflation expectations and currency debasement concerns could drive safe-haven demand.
Conclusion
The recent eight-day inflow streak into US spot Bitcoin ETFs, alongside solid gains in Ethereum ETFs, underscores the maturation of digital assets as mainstream investment vehicles. Backed by leading issuers like BlackRock and supported by robust institutional demand, these products have shown surprising resilience amid heightened geopolitical risks. Offering regulated, tax-efficient, and transparent exposure to cryptocurrencies, spot ETFs have emerged as a cornerstone for investors exploring new yield streams and practical blockchain applications. As the crypto ETF ecosystem expands, market participants will watch closely for regulatory and technological developments that may further solidify digital assets’ role in diversified portfolios.
