Bloomberg’s senior ETF analyst Eric Balchunas has stated that while BlackRock’s iShares Bitcoin Trust ETF (IBIT) has done well since its launch last year, it faces several challenges going forward. 

This assessment comes amid recent signs of turbulence in the broader Bitcoin (BTC) exchange-traded fund (ETF) market.

Upcoming Challenges for IBIT Bitcoin ETF

Balchunas pointed to a crucial factor that could hinder IBIT’s continued growth: Bitcoin’s tendency to decline when stocks fall. This correlation presents a unique challenge for the Bitcoin ETF, as it could struggle to gain significant adoption compared to more traditional ETFs.

“IBIT did reach $50 billion in first year (it took VOO six years to hit that mark) so definitely one to watch but it would take a ton more adoption (flows), and you probably need a break in correlation with stocks,” Balchunas added.

Despite concerns about Bitcoin’s market volatility, recent 13F filings reveal a growing interest in IBIT. A 13F filing is a quarterly report mandated by the US Securities and Exchange Commission (SEC) for institutional investment managers overseeing more than $100 million in assets. 

It offers transparency into major players’ investment activities. All filings must be made public within 45 days of the quarter’s end. Therefore, the deadline for Q4 2024 was February 14, 2025.

Balchunas mentioned that IBIT had attracted 1,100 holders through 13F filings. The previous record for a first-year ETF was around 350 holders.

“For context, NUKZ, a pretty successful nuclear theme ETF launched same day as IBIT has 29 holders. Most newbies have under 10,” he said.

Notably, IBIT remains the largest Bitcoin ETF, holding 2.98% of the total supply. It has continued to attract substantial investments from major players, with the latest being Abu Dhabi’s Mubadala Sovereign Wealth Fund. Last week, Mubadala invested $436 million into BlackRock’s ETF, becoming the seventh-largest holder.

From a broader perspective, institutional adoption of Bitcoin ETFs has seen a remarkable growth. The assets under management tripled in Q4, reaching $38 billion.

Yet, recent data shows that the momentum has slowed in 2025. Bitcoin ETFs saw their first week of net outflows last week. The weekly total net outflow reached over $585 million. Furthermore, the trend seems to be continuing.

On February 18, Bitcoin ETFs experienced $129 million in outflows. As BeInCrypto highlighted earlier, this could be due to investor caution following Jerome Powell’s rejection of rate cuts and ongoing concerns over high inflation.

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Bitcoin price started another decline below the $96,200 zone. BTC is retesting the $95,000 support zone and might struggle to recover losses.

• Bitcoin started a fresh decline from the $97,500 zone.
• The price is trading below $96,200 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it stays above the $95,000 zone.

Bitcoin Price Dips Further

Bitcoin price failed to clear the $98,500 and $98,000 resistance levels. BTC formed a top and started a fresh decline below the $96,500 level. There was a clear move below the $96,200 support level.

The price even dipped below the $95,000 level. However, the bulls appeared near $93,400. A low was formed at $93,388 and the price is now attempting to recover. There was a move above the $95,000 level. The price cleared the 23.6% Fib retracement level of the downward move from the $98,825 swing high to the $93,288 low.

Bitcoin price is now trading below $96,200 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $96,000 level. There is also a key bearish trend line forming with resistance at $96,000 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $96,200 level or the 50% Fib retracement level of the downward move from the $98,825 swing high to the $93,288 low. The next key resistance could be $96,750.

A close above the $96,750 resistance might send the price further higher. In the stated case, the price could rise and test the $97,500 resistance level. Any more gains might send the price toward the $98,200 level or even $98,500.

More Losses In BTC?

If Bitcoin fails to rise above the $96,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $95,000 level. The first major support is near the $94,200 level.

The next support is now near the $93,400 zone. Any more losses might send the price toward the $92,200 support in the near term. The main support sits at $91,000.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $95,000, followed by $94,200.

Major Resistance Levels – $96,000 and $98,000.