The number that keeps coming back to me is $4.5 billion. That's roughly how much left US spot $BTC ETFs between January and late February 2026 — the longest weekly outflow streak since the tariff shock-driven sell-off of early 2025. IBIT alone shed over $2.1 billion during peak outflows. FBTC lost nearly $1 billion. It was broad, sustained, and not really a rotation story — it was capital leaving.
Then March 5 happened. Ten of the eleven original funds posted positive flows simultaneously — the best single session of 2026 — pulling in roughly $500 million. That breadth matters. Earlier in the year, even on good days, most funds were still in the red.
At the time of writing, March is sitting at $568M net inflows with most of the month still ahead. Total cumulative net inflows since the products launched in January 2024 sit at roughly $55 billion , so the structural story isn't broken. But one strong week after six rough ones isn't a trend yet. The macro pressures — equity correlation, geopolitical noise — haven't fully cleared. Worth watching, not celebrating.