SoSoValue data shows that the 12 U.S. spot Bitcoin ETFs recorded a total net inflow of $1.32 billion in March, ending four straight months of capital outflows and marking the first instance of a single-month net inflow since October last year.
Looking back to October last year, Bitcoin hit an all-time high of $126,000, then remained choppy and slid lower across the board, with the pullback reaching as much as 50% at one point. At the same time, Bitcoin ETFs saw consecutive four-month withdrawals: in November last year, outflows totaled as high as $3.5 billion, the most severe; December and January this year also recorded outflows of $1.1 billion and $1.6 billion, respectively, until February when the outflow amount only sharply narrowed to $206 million.
As March funds returned, Bitcoin also ended five straight months of red candles, logging its first monthly green candle in half a year (meaning the full-month closing price was higher than the opening price), suggesting that market momentum is undergoing a shift.
Notably, despite the extreme price volatility during this period, the ETFs’ overall assets under management did not collapse in tandem. According to CheckonChain data, the amount of Bitcoin held by the ETFs fell from the October peak of 1.38 million coins to a low of only 1.28 million coins, a decline of about 7%; it has since rebounded to roughly 1.31 million coins.
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