The 11 spot bitcoins listed in the US Exchange-traded funds (ETFs) have recorded two consecutive months of net inflows in a sign of renewed institutional appetite for the leading cryptocurrency.
But zoom out and the recovery looks more modest than the monthly headlines suggest.
ETFs have attracted a total of $3.29 billion in investor funds in the past two months, according to data source SoSoValue. May started on a positive note: ETFs recorded a net inflow of $629 million on Friday.
That has brought cumulative net receipts since the launch in January 2024 to $58.72 billion, still below October’s all-time high of $61.19 billion. It is also the month in which the spot price of bitcoin reached its all-time high of more than $126,000.
The gap shows that although demand has recovered, it has yet to offset the outflows between November 2025 and February 2026. In the span of four months, investors withdrew $6.38 billion along with a sharp drop in bitcoin to nearly $60,000 from over $100,000.
It’s not necessarily a cause for alarm, but a useful reality check on where things stand compared to the peak of bullish sentiment in October. It tells us that the recovery in ETF flows is real but incomplete. It remains to be seen in the coming days if it gains enough momentum.
