U.S.-listed spot Bitcoin exchange-traded funds recorded a sharp reversal last week, posting $744.4 million in net inflows — the highest weekly tally in nearly two months — following a five-week streak of outflows. The turnaround marks the strongest inflow week since mid-January, according to data from SoSoValue.
The surge in investment activity came amid a broader crypto market rebound and improved investor sentiment, with daily net inflows recorded for six consecutive trading sessions through March 21.
BlackRock’s iShares Bitcoin Trust (IBIT) led the surge, attracting $537.5 million in fresh capital. Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed with $136.5 million. Three other funds also recorded positive flows, helping reverse the market’s recent downward trend.
Earlier this year, Bitcoin ETFs saw their highest net inflows of 2025, with $1.96 billion in the week ending January 17, followed by $1.76 billion the next week. That coincided with Bitcoin reaching a record high of $109,000 on January 20, the same day as President Donald Trump’s inauguration. The price has since corrected, falling into the $78,000 range before recovering to $87,343 at the time of reporting.
Total value traded across all spot Bitcoin ETFs reached $1.13 billion on March 21. Total net assets stood at $94.35 billion, representing 5.65 percent of Bitcoin’s market capitalization.
Despite the turnaround for Bitcoin funds, Ethereum ETFs continued to post losses. Ether-focused products saw a fourth consecutive week of net outflows, totaling $102.9 million. BlackRock’s iShares Ethereum Trust ETF (ETHA) accounted for $74 million of the total. Ethereum was trading at $2,090, a modest recovery from recent lows.
Cautious Optimism Amid Global Uncertainty
The broader macroeconomic environment remains a critical factor for crypto markets. Ongoing trade tensions and the threat of a U.S. recession have weighed on risk assets. Singapore-based QCP Capital warned that upcoming tariff escalations scheduled for April 2 could again pressure markets, stating in a March 24 report that investors should remain cautious.
According to Nicolai Sondergaard of Nansen, tariffs are currently “the biggest driver” for both crypto and traditional markets. Sondergaard said during Cointelegraph’s Chainreaction daily show that the April 2 deadline could serve as a pivotal moment for asset valuations, depending on whether global tariff agreements are reached.
Meanwhile, the Federal Reserve’s monetary policy also remains a key concern. Markets are currently pricing in an 85 percent chance that the Fed will hold interest rates steady during its next meeting on May 7, per CME Group’s FedWatch tool. Analysts say rate cuts may only follow if future economic data confirms a significant slowdown.
Arthur Breitman, co-founder of Tezos, flagged internal concerns about the cryptocurrency sector, calling its economic structure “circular.” He warned that the industry lacks grounding compared to traditional equities, a sentiment echoed by others concerned with the rising prevalence of speculative assets such as memecoins.
