Interest in spot BTC ETFs has recently surged once again, with all tracked inflow indicators turning positive for the first time in months, according to senior Bloomberg ETF analyst Eric Balchunas. Sharing his observations on social media, Balchunas noted that every monitored metric across different timeframes has registered positive readings.
Rising inflows and leading funds
The total net inflow across the 12 most prominent spot BTC funds exceeded $335 million in just one day. On a monthly basis, inflows are now at $2.1 billion. Year-to-date and over the past three months, the cumulative inflows stand at roughly $1.8 billion. These figures point to a notable recovery after an extended period of persistent outflows seen at the start of the year.
BlackRock’s IBIT fund—the largest spot BTC ETF in the market—has taken center stage, attracting $246 million in new investments within a 24-hour span. Over the past month, IBIT’s inflow has reached $1.9 billion. While most other funds have continued to receive investments, the situation is reversed with Grayscale’s Bitcoin Trust: it experienced a $16 million outflow in one day, bringing its year-to-date net outflow to $960 million.
Trading volumes and market impact
Market data shows that trading volumes for BTC ETFs remain subdued compared to the previous year. Total assets under management continue to hover around $125 billion, significantly below the $162 billion peak witnessed in October 2025. At that time, the price of BTC had surged above $120,000; the subsequent decline in value has had a clear effect on the scale of ETF assets.
According to CryptoAppsy, BTC tested the $126,000 level at the end of October. It then moved sideways between $85,000 and $95,000 until the beginning of the year. Following a slight pullback in the first few months, the price has recently started to trend upwards again.
March saw intensified conflict in Iran and heightened inflation risks, which triggered significant outflows from ETFs. In particular, the closing days of March were marked by a pronounced increase in redemptions.
Expert commentary and investor behavior
Ben Slavin, global head of ETF Asset Servicing at BNY, emphasizes his firm’s extensive reach, serving 80 percent of the crypto ETF market. Slavin explains that while ETF inflows have been modest overall this year, momentum has decisively shifted:
“Inflows have now turned positive for the year, even though the amounts are not huge, the needle has turned green. There are no longer major outflows as before. Even when markets performed poorly, investors avoided mass redemptions—an uncommon response for risk assets.”
Slavin also points out that crypto ETF investors behave differently from traditional asset holders, often keeping their positions during downturns. He observes that most investors follow a “buy and hold” approach, utilizing ETFs as a component of long-term portfolios rather than for short-term trading.
This trend suggests that, despite market volatility, these products are becoming more stable among long-term investors. Structural demand for ETFs is rising, hinting at a partial normalization within the broader crypto market.
