The 11 US-based spot bitcoin exchange-traded funds have experienced two consecutive months of net positive flows, indicating a resurgence of interest from institutional investors in the top cryptocurrency. However, taking a step back reveals a more subdued recovery than the monthly figures might suggest. Over the past two months, ETFs have attracted $3.29 billion in investments, according to SoSoValue data.
May started on a strong note, with $629 million in net inflows on the first day. Cumulative net inflows since January 2024 now stand at $58.72 billion, still short of the $61.19 billion record high achieved in October, a month that also saw bitcoin's price reach an all-time high above $126,000.
The current gap highlights that while demand has rebounded, it hasn't fully offset the $6.38 billion outflows between November 2025 and February 2026, which occurred during a sharp decline in bitcoin's price to nearly $60,000 from over $100,000. This isn't necessarily a cause for concern but serves as a reality check on the current state of recovery compared to October's peak optimism.
It underscores that the recovery in ETF flows is genuine yet incomplete, with its future momentum hanging in the balance.