The 11 U.S.-listed spot bitcoin exchange-traded funds recorded two consecutive months of net inflows, signaling renewed institutional appetite for the leading cryptocurrency.
ETF inflows totaled $3.29 billion over the past two months, according to data from SoSoValue. May started with a net inflow of $629 million on Friday.
That pushed cumulative net inflows since January 2024 to $58.72 billion-still short of the record $61.19 billion hit in October 2025, when bitcoin's spot price peaked above $126,000.
The gap highlights that while demand has recovered, it hasn't compensated for the $6.38 billion in outflows between November 2025 and February 2026, when bitcoin slid from over $100,000 to nearly $60,000.
This is not a cause for alarm, but a reality check. The ETF flow recovery is real-but incomplete. Whether it gains further momentum remains to be seen.