The anticipated approval of altcoin exchange-traded funds (ETFs) might not generate the substantial inflows that investors are expecting, particularly without the involvement of asset management giant BlackRock, according to recent market data.
BlackRock's iShares Bitcoin Trust ETF has been a dominant force, accounting for over $28.1 billion of the total $26.9 billion inflows into U.S. spot Bitcoin ETFs so far in 2025.
When excluding BlackRock's fund, the spot Bitcoin ETFs collectively experienced a net outflow of $1.27 billion year-to-date (YTD). This observation was shared by Vetle Lunde, head of research at K33.
The significant inflows into spot Bitcoin ETFs have been a primary driver of Bitcoin (BTC) price momentum in 2025. Geoff Kendrick, global head of digital assets research at Standard Chartered, recently commented on this trend to Cointelegraph.
BlackRock stands as the world's largest asset management firm, overseeing $13.5 trillion in assets under management as of the third quarter of 2025.
BlackRock's Potential Impact on Altcoin ETF Performance
Drawing parallels from the dynamics observed in Bitcoin ETF investments, Lunde suggests that BlackRock's absence from the upcoming altcoin ETF wave could limit the total inflows and consequently, the potential upside impact on the underlying cryptocurrencies.
"No BlackRock, no party," Lunde stated on X. He elaborated that BlackRock's non-participation in the imminent altcoin ETF wave presents an opportunity for competitors to capture strong flows. However, he anticipates that this absence will likely constrain overall market inflows.
Despite the lack of involvement from the world's largest asset manager, some analysts maintain a positive outlook for the next generation of ETFs.
For instance, the first Solana (SOL) staking ETF is projected to attract up to $6 billion in capital within its initial year, according to Ryan Lee, chief analyst at Bitget exchange.
JPMorgan, a multinational investment bank, has also provided forecasts for altcoin ETFs. The bank predicts that a Solana ETF could attract between $3 billion and $6 billion, while an XRP ETF might garner $4 billion to $8 billion in new investments. These projections are based on the adoption rates observed for Bitcoin and Ether ETFs.
During their initial six months, Bitcoin ETFs achieved a 6% adoption rate, and Ether ETFs saw approximately 3%. This indicates that Bitcoin ETFs attracted roughly 6% of BTC's total market capitalization during that period.