US spot Bitcoin ETFs ended the first quarter of 2026 with net outflows, even though March marked the first month of positive inflows this year.

Data from SoSoValue shows that Bitcoin ETFs attracted $1.32 billion in March, representing the first monthly inflow since October 2025. However, this rebound was not sufficient to offset earlier losses, as January saw $1.61 billion in outflows and February recorded an additional $207 million in redemptions. As a result, the sector closed the quarter with approximately $500 million in net outflows.

The withdrawals coincided with a decline in Bitcoin’s price, which dropped more than 22% during the quarter. This followed a similar 23% decrease in the previous quarter, according to CoinGlass, marking a second consecutive period of losses.

Inflows emerge amid cautious market sentiment

Despite the broader downtrend, March’s inflows came during a period of continued investor caution. Market sentiment remained subdued throughout the quarter, with the Crypto Fear & Greed Index consistently staying below 20, indicating “Extreme Fear.” Even so, analysts highlighted the relative resilience of cryptocurrency investment products, particularly against the backdrop of heightened geopolitical tensions linked to the Middle East.

Trading activity, however, reflected the cautious environment. Monthly volumes for spot Bitcoin ETFs declined to around $79 billion in March, down from $93 billion in February and $87 billion in January. By the end of the quarter, cumulative inflows into Bitcoin ETFs reached approximately $56 billion, with total assets under management standing at about $87.5 billion.

Diverging performance across crypto ETFs

Other crypto ETFs showed mixed results over the same period. Spot Ether ETFs ended March with $46 million in net outflows and recorded the largest quarterly losses among crypto funds, totaling $769 million after three consecutive months of withdrawals.

XRP ETFs also saw outflows in March, amounting to about $31 million. However, they still managed to post positive net flows for the quarter, reaching roughly $43 million. In contrast, Solana ETFs continued to attract consistent inflows, adding $213 million over the quarter. These funds have maintained uninterrupted monthly inflows since their launch in October 2025, highlighting stronger investor demand relative to other crypto assets.

Sources:

https://cointelegraph.com/news/bitcoin-etf-1-3-billion-march-first-monthly-gain-2026

https://alternative.me/crypto/fear-and-greed-index/

https://sosovalue.com/assets/etf/us-eth-spot

https://sosovalue.com/assets/etf/us-btc-spot

https://www.coinglass.com/today