After Four Weeks of Uninterrupted Outflows, U.S. Spot Bitcoin ETFs Experienced a Welcomed Turnaround

This latest data shows that most of the inflows came from large players like BlackRock, ARK Investment Management, Fidelity, and Grayscale.

After four weeks of uninterrupted outflows, U.S. Spot Bitcoin ETFs experienced a welcomed turnaround amid some much-needed investor inflows over the past week.

However, while inflows into the ETFs are certainly a welcomed sign, and a stark contrast from a previous month of very negative sentiment, I think it is prudent to express a simple detail: The total amount of inflows into the U.S. Spot Bitcoin ETFs last week was 5,300 BTC.

The Turnaround in Bitcoin Spot ETF Inflows

The latest data shows that most of the inflows came from large players like BlackRock, ARK Investment Management, Fidelity, and Grayscale. Altogether, these firms added quite a bit to the net inflows, with BlackRock pretty much leading the pack and accounting for a massive 75% of the total increase. This is seen as a big positive, that institutional investors in general and maybe BlackRock in particular are once again finding Bitcoin ETFs an attractive investment option.

BlackRock Dominates Bitcoin ETF Inflows

BlackRock remains the dominant force in the Bitcoin ETF market. Once again, it has emerged as the biggest winner, securing net inflows of 4,069 BTC, representing 88% of the inflows into all Bitcoin ETFs since the SEC began approving such products in late 2022. This is really saying something, as nearly 14,000 BTC have now been harnessed in total by all these products. The trust that institutional investors like BlackRock command seems to be spilling over even more so into the crypto market.

After BlackRock, ARK Investment Management, led by Cathie Wood, saw significant inflows of its own, adding 938 BTC to its Bitcoin ETF products. Fidelity, another major player in the world of finance, brought in 786 BTC, displaying the same thing we saw after BlackRock’s announcement: institutions are taking a serious interest in Bitcoin ETFs.

After 4 consecutive weeks of outflows, US Spot #Bitcoin ETFs finally saw a return to inflows last week -albeit modest in size (+5.3K $BTC in net inflows).pic.twitter.com/CNGVPWPuLc

— glassnode (@glassnode) March 24, 2025

Even Grayscale Mini, a relatively small but intriguing player, managed to secure 282 BTC in inflows.

Most other issuers experienced either flat or negative flows during this timeframe. This indicates that the Bitcoin ETF recovery is somewhat selective, with only a few institutional players able to attract new capital. The overall increase was modest in size. However, we could be at the starting gate of a more sustained Bitcoin ETF growth spurt.

Ethereum ETFs Continue to Struggle

Although Bitcoin ETFs are starting to recover, the same is not true for U.S. Spot Ethereum ETFs, which are still seeing huge outflows. Just last week, Ethereum ETFs had net outflows of 76,300 ETH, their third-largest weekly outflow since launch. This is very much an “in-your-face” statistic for Ethereum-focused ETFs and one that ostensibly counters their objective of having more net inflows than outflows.

The outflows from Ethereum exchange-traded funds suggest that despite the network’s upgrades, and the burgeoning decentralized finance (DeFi) and non-fungible tokens (NFTs) markets, investors are not allocating capital to Ethereum-based products. One likely reason: the uncertainty surrounding Ethereum’s transition to proof-of-stake (PoS), and the market volatility that could result from a still-evolving network.

For ETFs centered on Ethereum, a steady stream of cash leaving may indicate institutional investors are biding their time until the regulatory picture becomes clearer or are more enamored with Bitcoin’s perceived stability these days, especially in light of the renewed inflows into Bitcoin ETFs.

Tracking ETF Performance Through Glassnode Studio

If you want an even closer look at how the U.S. Spot Bitcoin and Ethereum ETFs are performing, you can check out the dedicated dashboard that Glassnode Studio offers for this purpose. It tracks all of the most important metrics for both ETF products, which allows us to keep a finger on the pulse of two of the most important developments in this portion of the crypto space.

As this dashboard display shows, we can see that the Bitcoin ETF has amassed a total of 175,188 Bitcoin since its inception. That sounds like a big number, but when you consider it in the context of how many Bitcoin there are in existence and how many are actually being used or held in a custodial way, the picture changes a little. Since the SEC has not approved a spot ETF for Bitcoin or Ethereum yet, these figures are important to note. They reflect two products that are not really spot ETFs, at least in the way the term was originally intended.

The dashboard serves up, in real time, the net inflows and outflows of the major U.S. Spot Bitcoin and Ethereum