The recent performance of the 11 US-listed spot bitcoin exchange-traded funds (ETFs) indicates a resurgence of interest from institutions, with two consecutive months of net inflows. However, a closer examination reveals a more nuanced picture. Over the past two months, these ETFs have attracted $3.29 billion in investments, according to SoSoValue. The month of May began positively, with $629 million in net inflows on the first day.
This brings the total cumulative net inflows since January 2024 to $58.72 billion, still short of the record $61.19 billion achieved in October, a period that also saw bitcoin's price reach an all-time high of over $126,000. The difference highlights that while demand is recovering, it has not yet offset the outflows from November 2025 to February 2026, during which investors withdrew $6.38 billion as bitcoin's price sharply declined from over $100,000 to nearly $60,000.
This serves as a reminder that the recovery, although real, is not yet complete, and its future trajectory remains to be seen.