Eleven spot Bitcoin exchange-traded funds (ETFs) traded in the United States recorded positive net inflows for two consecutive months. This indicates that institutional interest for the largest cryptocurrency is on the agenda again.
Hopeful outlook in May
In the first days of May, ETFs attracted attention, especially with a net fund inflow of $629 million on Friday. It appears that investors transferred a total of $3.29 billion in capital in the last two months alone. For ETF markets, this activity signaled the beginning of a positive process.
According to SoSoValue data, spot Bitcoin ETFs launched in January 2024 have seen a total of $58.72 billion in net inflows to date. However, this amount is lower than the record of $61.19 billion recorded in October. The difference here shows that although interest in the ETF market has gained momentum again in recent months, it has not yet reached its peak levels.
Comparison with past peaks
In October, there was a record increase in both ETFs and the spot price of Bitcoin tested above $ 126,000. However, in the period between November 2025 and February 2026, the price of Bitcoin fell from $ 100,000 to $ 60,000 in a short time, as investors withdrew funds worth approximately $ 6.38 billion.
The revival of inflows in the last two months has not compensated for all of these previous outflows. This difference is considered as an indicator that investors are being cautious.
Market expectations and current outlook
Experts say that recent net inflows have created a revival in the market; However, he thinks it is too early to say that the recovery is complete.
It remains unclear at this stage whether the markets will continue this momentum. Macroeconomic conditions and general sentiment towards cryptocurrency will also determine demand for spot Bitcoin ETFs.
Data shows that despite the recent revival in the ETF market, it is still behind the historical peak in October and investors have not yet filled the gap created by previous outflows.
According to the data obtained so far, it is reported that the recovery process is continuing, but if additional inflows continue, old peaks may come to the fore again.
On the other hand, market players continue to focus on both the movements on the ETF side and the overall market dynamics to determine a clear direction in the short term.
