11. Spot Bitcoin listed in the United States The exchange-traded fund (ETF) has now recorded two consecutive months of net inflows, signaling renewed institutional interest in the leading cryptocurrency.
But if you look beyond the horizon, the recovery looks milder than monthly headlines suggest.
ETFs have attracted a total of $3.29 billion in investor funds over the past two months, according to data source SoSoValue. May got off to a positive start, with net ETF inflows of $629 million on Friday.
This brings cumulative net inflows since launch in January 2024 to $58.72 billion, still below the all-time high of $61.19 billion set in October. This month, Bitcoin spot prices hit an all-time peak of over $126,000.
The gap suggests that while demand has recovered, outflows between November 2025 and February 2026 have not been made up. Over the course of four months, investors sold $6.38 billion, while Bitcoin plummeted from over $100,000 to nearly $60,000.
This isn’t necessarily cause for panic, but it’s a useful reality check compared to the peak of bullish sentiment in October. What it tells us is that the recovery in ETF flows is real, but not complete. Whether it gains enough momentum remains to be seen in the coming days.
