The 11 U.S.-listed spot bitcoin exchange-traded funds have posted two consecutive months of net inflows, signaling a revival of institutional interest in the cryptocurrency. However, a broader perspective reveals a more subdued recovery than suggested by recent monthly trends. Over the past two months, ETFs have attracted $3.29 billion in investments, according to SoSoValue data. May started positively, with a net inflow of $629 million on the first day.
This brings the cumulative net inflows since January 2024 to $58.72 billion, still short of the October record high of $61.19 billion, which coincided with bitcoin's all-time price peak of over $126,000. The difference highlights that, while demand has rebounded, it has not yet offset the outflows between November 2025 and February 2026, during which investors withdrew $6.38 billion amidst a sharp decline in bitcoin's price to nearly $60,000 from over $100,000. This is not necessarily a cause for concern but serves as a reality check on the current state of recovery compared to the October peak of bullish sentiment, indicating that the recovery in ETF flows is genuine yet incomplete, with its future momentum uncertain.