The 11 U.S.-listed spot bitcoin exchange-traded funds have posted two consecutive months of net inflows, indicating renewed interest from institutional investors in the top cryptocurrency. However, a broader perspective reveals that the recovery is less robust than suggested by monthly trends. 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 of trading.
This has increased the cumulative net inflows since January 2024 to $58.72 billion, still short of the record $61.19 billion in October, when bitcoin's spot price reached an all-time high of over $126,000. The difference highlights that while demand has bounced back, it has not yet offset the outflows between November 2025 and February 2026, during which investors withdrew $6.38 billion as bitcoin plummeted from over $100,000 to nearly $60,000. This is not necessarily a cause for concern but rather a reminder of the current state of recovery compared to the peak of October's bullish sentiment, showing that the revival in ETF flows is genuine but not yet complete, with its future trajectory remaining to be seen.