U.S.-listed spot Bitcoin ETFs returned to net inflows in March, attracting $1.32 billion and ending a four-month stretch of persistent outflows, according to SoSoValue data.
The earlier wave of redemptions coincided with a sharp market correction, as Bitcoin fell nearly 50% from its October peak of $126,000. Outflows totaled $3.5 billion in November, followed by $1.1 billion in December, $1.6 billion in January, and $206 million in February.
March also brought a shift in price momentum, with Bitcoin posting its first monthly gain in six months—potentially signaling that the downtrend is beginning to stabilize.
Despite the significant price decline, ETF assets under management have held up relatively well. Total holdings dropped from approximately 1.38 million BTC in October to a low near 1.28 million BTC, a decline of about 7%, before rebounding to roughly 1.31 million BTC, according to CheckonChain.
Even so, ETF investors remain under pressure. The average cost basis is estimated at around $84,000, compared to a current spot price near $68,000, leaving many holders still underwater despite the recent return of inflows.
