Data from SoSoValue shows that all 12 U.S. spot Bitcoin ETFs recorded a combined net inflow of $1.32 billion in March, ending a four-month streak of capital outflows. This marks the first monthly net inflow since October.
From Heavy Outflows to Renewed Inflows
Last October, Bitcoin hit an all-time high of $126,000, then entered a volatile downtrend that saw a peak-to-trough decline of roughly 50%. During the same period, Bitcoin ETFs suffered four consecutive months of withdrawals: November saw the heaviest outflow of $3.5 billion, followed by $1.1 billion in December and $1.6 billion in January. Outflows tapered significantly in February to just $206 million. With March's capital return, Bitcoin also ended a five-month losing streak, recording its first monthly bullish candle in six months (monthly close above open), signaling a shift in market momentum.
Holdings Drop Limited, Investors Still Underwater
Despite violent price swings, the overall assets under management of the ETFs did not collapse. According to CheckonChain, Bitcoin ETF holdings fell from a peak of 1.38 million coins in October to a low of 1.28 million coins, a decline of about 7%, and have now recovered to approximately 1.31 million coins. However, ETF investors as a whole remain in a "loss" position, with an average cost basis near $84,000, still well above the current market price of around $66,000.