U.S. Bitcoin ETFs Pull $1.32B in March 2026, Q1 Still Negative

U.S. spot Bitcoin ETFs posted $1.32 billion in net inflows in March, their first positive month since October 2025, according to SoSoValue data published on March 31. After heavy January and February redemptions, the category still finished Q1 down about $496.5 million.

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Context

March reversed a five-month run of weak Bitcoin ETF flows that began after October 2025, the last positive month before the current rebound. Monthly figures cited from SoSoValue show October at +$3.42 billion, followed by November at -$3.4 billion, December at -$1.09 billion, January at -$1.61 billion, February at about -$206.5 million, and March back to +$1.32 billion.

The quarter stayed weak even with the March recovery. Q1 net flows came in at -$496.5 million, while several market reports rounded the total to about -$500 million after January and February overwhelmed the late-quarter rebound.

Market sentiment stayed defensive through most of the month. The Crypto Fear & Greed Index remained below 20 for much of March, a range associated with Extreme Fear.

Details

BlackRock’s iShares Bitcoin Trust, IBIT, led the March recovery. During the March 9-13 inflow streak, IBIT captured $600.1 million of the $767 million that entered U.S. spot Bitcoin ETFs, equal to about 78% of that week’s total.

Daily flow data showed how concentrated the move was. March 11 posted $250.92 million in total daily net inflows across the U.S. spot Bitcoin ETF complex, while IBIT alone absorbed $306.60 million on March 4.

Ethereum ETFs did not follow the same path. Spot Ether ETFs closed March with $46 million in net outflows and ended Q1 with $769 million in outflows.

Andri Fauzan Adziima of Bitrue’s research team described the broader positioning this way: “Short-term holders are suffering heavy losses, but long-term holders have not yet begun large-scale selling.” In the same market note, he added: “On-chain HODL signals show that some are quietly accumulating during the process of strategic de-risking.”

Impact

The March inflow rebound arrived while Bitcoin was still trading through a volatile quarter. Bitcoin was down 24% in Q1, even as cumulative net inflows into U.S. spot Bitcoin ETFs remained near $56 billion and total assets stood around $87.5 billion at quarter-end.

Price action around the start of Q2 showed how quickly macro headlines were still moving the market. Bitcoin opened April 2 at $68,097.27 after closing April 1 near $68,078.55, then dropped into the mid-$66,000s after President Donald Trump’s April 1 address on Iran, with trading around $66,400 by European morning.

That divergence remains the key takeaway from the quarter. Bitcoin ETF flows turned positive in March even as broader sentiment stayed deeply negative and geopolitical stress pushed price action lower again at the start of April.

Next Steps

April flow data will show whether March was a one-month rebound or the start of a steadier allocation trend. The first sessions of Q2 already brought a fresh market test after Trump’s Iran remarks pushed Bitcoin back below $67,000.

The other clear line to watch is the gap between Bitcoin and Ethereum ETF demand. March ended with Bitcoin ETFs at +$1.32 billion for the month and Ether ETFs at -$46 million, extending the divergence between the two categories into the new quarter.

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P.S. This article is for informational purposes only and does not constitute investment advice. Always conduct your own research and make independent decisions.