According to online reports, Matrixport released its latest report saying that in 2025, the net inflow of funds from Bitcoin ETF will only be slightly above zero. Despite its strong performance at the beginning of the year, it recorded an inflow of nearly US$5.5 billion. This phenomenon was quite surprising because Bitcoin outperformed U.S. technology stocks this year and gold also hit a record high. It is worth noting that the total net inflow of Bitcoin ETFs was US$35.5 billion, of which BlackRock accounted for US$39.6 billion and Fidelity accounted for US$11.4 billion, with the two together accounting for the vast majority. In contrast, inflows from other ETF issuers are relatively limited. This suggests that current buying is more likely to come from a specific group of institutional clients than driven by broad retail funds-in which case inflows would be more evenly distributed among various ETF providers.