The recent resurgence of institutional interest in bitcoin is evident in the 11 U.S.-listed spot bitcoin exchange-traded funds, which have experienced two consecutive months of net inflows, totaling $3.29 billion. According to SoSoValue, this uptrend began in May with a net inflow of $629 million, bringing the cumulative net inflows since January 2024 to $58.72 billion. However, this figure still lags behind the record high of $61.19 billion achieved in October, a month that also saw bitcoin's spot price reach its all-time peak of over $126,000. The current gap highlights that, despite the recovery in demand, it has not yet offset the outflows that occurred between November 2025 and February 2026, during which investors withdrew $6.38 billion as bitcoin's price plummeted to nearly $60,000 from over $100,000.
This serves as a reminder that, while the recovery in ETF flows is underway, it remains incomplete, and its future trajectory is uncertain.