US Spot Bitcoin ETFs See Second Straight Inflows as BlackRock’s IBIT Leads

U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) extended their rebound on Tuesday, logging a second consecutive session of net inflows—an important signal for 'institutional demand' after intermittent outflow streaks earlier this year.

According to data compiled by SosoValue, U.S.-listed spot Bitcoin ETFs recorded $186.03 million in net inflows on April 15 (U.S. time). That followed $411.50 million of net inflows in the prior session, lifting cumulative net inflows for the category to $57.05 billion.

Flows were notably concentrated. BlackRock’s iShares Bitcoin Trust (IBIT) led the group with $291.86 million in net inflows, while Morgan Stanley’s MSBT added $19.32 million. The rest of the complex was mixed, with several major products seeing redemptions: Fidelity Wise Origin Bitcoin Fund (FBTC) posted $47.35 million in net outflows, ARK 21Shares Bitcoin ETF (ARKB) saw $42.22 million leave, Grayscale Bitcoin Trust (GBTC) recorded $23.35 million in outflows, Bitwise Bitcoin ETF (BITB) lost $8.54 million, and VanEck Bitcoin Trust (HODL) shed $3.70 million. Other funds were largely flat on the day.

Trading activity remained solid, with total spot Bitcoin ETF turnover reaching $2.03 billion. IBIT dominated volumes at roughly $1.5 billion, followed by FBTC at $207.52 million and GBTC at $125.30 million—an indication that liquidity continues to cluster around the largest and most established products, even when flows diverge across issuers.

Total net assets across U.S. spot Bitcoin ETFs stood at $97.57 billion, representing about 6.51% of Bitcoin’s total market capitalization. By assets under management, IBIT remained the clear leader at $59.73 billion, followed by FBTC at $13.95 billion and GBTC at $11.47 billion.

Market participants typically view sustained inflows as a barometer of risk appetite and 'liquidity inflow' from wealth managers and other professional allocators. However, the uneven distribution of flows suggests investors are still expressing preferences among issuers—particularly toward lower-fee vehicles and the most liquid funds—rather than making a uniform bet on the category.

With spot Bitcoin ETFs now holding a meaningful share of the underlying asset’s market value, their day-to-day flow dynamics are increasingly watched as a structural driver of crypto market positioning, even as short-term sentiment continues to shift rapidly with macro and regulatory headlines.