BlackRock's IBIT appears to be breaking away from all other Bitcoin ETFs in terms of dominance in 2025. If we look at the cumulative inflows into all ETFs excl IBIT, they have been basically flat since Dec-2024 at around 20B. However, if you look at IBIT alone, inflows continue to moon, reaching over 52B in total. Dominance for all other ETFs in terms of total AUM has been in constant decline, initially dominated by GTBTC oputflows, but more recently due to a clear preference for IBIT by investors. You can see this in the weekly inflows, where IBIT 🟧 absolutely dominates inflows, but also does not experience significant outflows compared to the others. Liquidity begets liquidity, and I would wager the existence of IBIT options is only adding fuel to this divergence.