The 11 U.S.-listed spot bitcoin exchange-traded funds have posted two consecutive months of net inflows, indicating a resurgence of institutional interest in the cryptocurrency. However, a broader perspective reveals a more subdued recovery than suggested by monthly headlines. Over the past two months, ETFs have attracted $3.29 billion in investor funds, according to SoSoValue data. May started positively, with a net inflow of $629 million on the first day.
This has increased the cumulative net inflows since January 2024 to $58.72 billion, still below the record high of $61.19 billion in October, when bitcoin's spot price reached its all-time peak of over $126,000. The gap indicates that, although demand has recovered, it has not yet offset the outflows between November 2025 and February 2026, during which investors withdrew $6.38 billion as bitcoin plummeted to nearly $60,000 from over $100,000. This is not necessarily a cause for concern, but rather a reality check on the current state of ETF flows compared to the peak of October's bullish sentiment, highlighting that the recovery is authentic but incomplete, with its future momentum uncertain.