U.S. spot Bitcoin exchange-traded funds have kicked off the year at a blistering pace that, if sustained, could dwarf total inflows recorded in 2025.
“The spot Bitcoin ETFs are coming into 2026 like a lion,” Bloomberg senior ETF analyst Eric Balchunas said on Tuesday.
Balchunas noted that the funds have already attracted more than $1.2 billion in inflows during the first two trading days of the year, with nearly every product posting gains. The WisdomTree Bitcoin Fund (BTCW) was the lone outlier.
At the current rate, annual inflows would reach roughly $150 billion—about 600% higher than the total inflows seen in 2025, Balchunas said.
“Told y’all if they can take in $22 billion when it’s raining, imagine when the sun is shining,” he added.
Largest inflow day in three months
U.S. spot Bitcoin ETFs recorded net inflows of $21.4 billion in 2025, with BlackRock’s iShares Bitcoin Trust (IBIT) capturing the majority of the flows. While substantial, the figure represents a slowdown from the $35.2 billion in net inflows seen in 2024.
On Monday, spot Bitcoin ETFs posted a combined $697 million in net inflows—their largest single-day total in three months—as Bitcoin rebounded above $90,000 and held those levels following a volatile end to 2025.
According to Fabian Dori, chief investment officer at Sygnum, the resurgence in ETF demand is becoming increasingly important for market structure. He said ETFs are steadily absorbing circulating supply, raising the possibility of a long-term demand shock rather than short-term speculative inflows.
Momentum appeared to cool on Tuesday, however, with preliminary data pointing to a potential outflow day. This was driven by significant redemptions from Fidelity’s fund, with final figures still pending data from BlackRock.
Morgan Stanley enters the ETF race
Morgan Stanley, which manages trillions of dollars in assets, filed with the U.S. Securities and Exchange Commission on Tuesday to launch Bitcoin and Solana exchange-traded funds, joining BlackRock and Fidelity in the expanding crypto ETF market.
The filing shows that the Morgan Stanley Bitcoin Trust will be a passive investment vehicle designed to track Bitcoin’s spot price, without the use of leverage or derivatives.
“I like this move by them—it’s smart,” Balchunas said.
“They have around $8 trillion in advisory assets, and they’ve already approved advisors to allocate. It makes sense to offer their own branded fund rather than paying BlackRock or someone else,” he added.
