U.S.-listed spot Bitcoin ETFs wrapped up the first quarter of 2026 in negative territory, as strong inflows in March failed to offset heavy withdrawals earlier in the year.
Summary
Spot Bitcoin ETFs recorded around $500 million in net outflows in Q1 2026.
March saw a rebound with $1.32 billion in inflows, ending a months-long dry spell.
Ether ETFs led losses among altcoins, while Solana funds attracted fresh capital.
Despite a late-quarter recovery, the overall trend remained weak. Data from SoSoValue shows that ETFs attracted $1.32 billion in March, marking the first sustained inflow streak since October 2025. However, this rebound came after significant redemptions earlier in the quarter.
January alone saw outflows of $1.61 billion, followed by an additional $207 million in February. As a result, total net flows for the quarter remained negative at roughly $500 million.
Weak price action weighed on flows
The outflows coincided with a decline in Bitcoin’s price, which dropped more than 22% during the quarter. This followed a 23% fall in the final quarter of 2025, extending a two-quarter downtrend that pressured investor sentiment.
Even as inflows returned in March, market confidence remained fragile. The Crypto Fear & Greed Index stayed in the “extreme fear” zone for much of the month, reflecting cautious positioning among investors.
Trading activity also cooled. Spot Bitcoin ETF volumes fell to around $79 billion in March, down from $93 billion in February and $87 billion in January. Still, cumulative inflows since launch reached nearly $56 billion, with total assets under management standing at approximately $87.5 billion.
Altcoin ETFs show mixed performance
Among altcoin funds, Ethereum ETFs posted the largest quarterly losses, with about $769 million in net outflows. These products have now recorded three consecutive months of withdrawals, including $46 million exiting in March.
XRP ETFs also saw $31 million in outflows during March, though earlier inflows kept their quarterly balance slightly positive at around $43 million.
In contrast, Solana ETFs stood out with strong performance, attracting roughly $213 million in inflows over the quarter. Notably, since their launch in October 2025, these funds have yet to record a single month of net outflows.
Market takeaway
While March brought signs of recovery, the broader Q1 picture highlights lingering caution in crypto markets. Early-quarter redemptions, combined with weak price action, ultimately outweighed the late surge in demand—leaving Bitcoin ETFs in the red for the quarter.
