BlackRock's Bitcoin ETF Ranks 6th in 2025 Flows Despite Market Pressures as Hayes Declares Altcoin Season Underway

IBIT Performance Defies Negative Returns

BlackRock's spot Bitcoin ETF (IBIT) has secured the 6th position in 2025 ETF flows despite posting negative returns, a development that market analysts view as encouraging for institutional adoption ^[1]. ETF analyst Eric Balchunas described this ranking as "a really good sign" for the product's long-term prospects ^[1].

The strong inflow position comes even as IBIT faced significant challenges in November, recording approximately $2.34 billion in net outflows, including two particularly large withdrawal days mid-month ^[1].

Why ETF Buying Hasn't Lifted Prices

The sustained institutional buying through Bitcoin ETFs has raised questions among market participants about why these inflows haven't translated into stronger price performance ^[1].

Balchunas suggested the market may be evolving into a more mature asset class, where early holders are taking profits and implementing income strategies such as selling call options, rather than pursuing immediate gains ^[1]. He also pointed out that Bitcoin had already risen more than 120% in the previous year, which has tempered expectations for continuous price increases ^[1].

BlackRock Defends ETF Strategy

At the Blockchain Conference 2025 in São Paulo, BlackRock business development director Cristiano Castro addressed concerns about the November outflows ^[1]. Castro revealed that the firm's Bitcoin ETFs have become one of BlackRock's largest revenue drivers ^[1].

Castro argued that ETFs are designed to facilitate capital allocation and cash-flow management, making periods of compression and outflows a normal part of their operation ^[1].

Hayes: Altcoin Season Already Here

While institutional Bitcoin products dominate headlines, BitMEX co-founder Arthur Hayes has entered the ongoing debate about altcoin season with a contrarian view. In a podcast published on YouTube on Thursday, Hayes declared that altcoin season is not merely approaching but is already underway ^[2].

"There is always an altcoin season," Hayes said, adding that investors who claim otherwise simply haven't invested in the right coins ^[2]. According to Hayes, those who continue to say there is no altcoin season "haven't held what has risen" ^[2].

New Cycles Bring New Leaders

Hayes criticized the tendency of many traders to focus too heavily on previous market cycles, expecting the same cryptocurrencies and narratives to dominate again ^[2]. The BitMEX co-founder considers this expectation problematic, as each market phase brings its own focal points ^[2].

"This is a new season, new things are rising," Hayes stated ^[2]. He emphasized that the key is recognizing early which projects are attracting capital ^[2].

As examples, Hayes pointed to Hyperliquid, whose token started at two to three US dollars and later climbed to around sixty US dollars ^[2]. He also cited Solana, which fell to nearly seven US dollars following a sharp price decline in 2022 but reached price levels of nearly three hundred US dollars at the beginning of this year ^[2].

"So there was an altcoin season. You just didn't participate in it," Hayes concluded ^[2].

The contrasting narratives—institutional Bitcoin ETF flows maintaining strength amid price questions and a declared altcoin season focused on new projects—highlight the evolving complexity of cryptocurrency markets as they mature and diversify.