Recent data indicates that Bitcoin spot exchange-traded funds have experienced negative monthly average netflows for the majority of the past 90 days. On-chain analytics firm has pointed out in a recent post on X that the 30-day simple moving average netflows for both Bitcoin and Ethereum spot ETFs remain in the negative territory. Spot ETFs are investment vehicles that enable investors to gain exposure to an asset without the necessity of direct ownership. In the United States, the Securities and Exchange Commission granted approval to funds tracking Bitcoin in January 2024. In July 2024, Ethereum ETFs made their debut.
These vehicles offer traders the benefit of investing in cryptocurrencies without the need to engage with any blockchain elements such as wallets and exchanges. When an investor allocates their capital to an ETF, the fund acquires an equivalent amount of the cryptocurrency and holds it in custody for the investor. Some traditional investors had been hesitant about the digital asset sector, largely due to the unfamiliar blockchain infrastructure. However, the introduction of ETFs has effectively eliminated that barrier, resulting in an influx of new demand from these traders into the market.
Historically, Bitcoin and Ethereum funds have seen net inflows for most of their existence, but recent developments indicate a shift in this trend. To start, take a look at the chart for the US BTC spot ETF netflow provided by a source, illustrating the trend in its 30-day SMA value over the past few years: The graph above illustrates that the US Bitcoin spot ETFs have maintained their 30-day SMA netflow within the red zone for a significant portion of the past three months. The sole instance when the metric showed a positive shift occurred during the price recovery surge in January.
The outflows can be attributed to the price drawdown that the asset has experienced during this period. Ethereum has experienced a comparable bearish trend, evident in the coin’s spot ETF netflow. In the last quarter of 2025, both cryptocurrencies experienced significant outflows, which have continued at a noteworthy rate into February. With Bitcoin and Ethereum spot ETF netflows remaining in the red, the analytics firm has determined that there is currently no indication of renewed demand in the market.