U.S. spot Bitcoin ETFs recorded $1.32 billion in net inflows in March, ending a four-consecutive-month outflow streak and marking the first positive monthly flow figure since October 2025, according to SoSoValue data. The reversal came as Bitcoin posted its first positive monthly price candle in six months, suggesting that at least some institutional investors viewed the quarter-end price range around $66,000–$68,000 as an entry point after months of forced selling.

The March improvement was not enough to rescue the quarter overall. November’s $3.5 billion in outflows started the rot, followed by $1.1 billion in December, $1.6 billion in January, and $206 million in February — a total of more than $6 billion in redemptions across four months that coincided with Bitcoin falling as much as 50% from its October all-time high near $126,000. Q1 ultimately closed with approximately $500 million in net outflows, meaning March’s recovery trimmed but did not erase the damage. Total ETF assets under management stood at roughly $87.5 billion at quarter’s end, down significantly from the $165 billion peak in late 2025, while cumulative net inflows since the funds launched in January 2024 reached $56 billion.

This story is an excerpt from the Unchained Daily newsletter.

The picture was more divided across the broader crypto ETF landscape. Ethereum ETFs closed the quarter with three straight months of outflows totaling $769 million, their worst stretch since launching. XRP ETFs also posted March outflows of about $31 million, though quarterly net flows remained positive at roughly $43 million. The standout was Solana ETFs, which extended their winning streak to five consecutive months of inflows with $213 million for the quarter — the only major crypto ETF category that has not recorded a single month of outflows since its October 2025 launch.

Despite the headline return to positive flows, the average ETF investor remains underwater. The average cost basis across spot Bitcoin ETF holders sits well above current prices, meaning the March inflows came from new buyers choosing to accumulate at depressed levels rather than existing holders who have recovered their positions. Whether that institutional bid holds into Q2 will likely depend on the trajectory of the U.S.-Iran conflict, Federal Reserve rate expectations, and whether Bitcoin can sustain its tentative price stabilization above $66,000.