Inflows into US spot Bitcoin exchange-traded funds turned positive on Tuesday as Bitcoin’s price staged a modest rebound toward $65,000, breaking a streak of daily outflows.
Spot Bitcoin ETFs recorded $257.7 million in net inflows — the largest single-day total since early February — according to data from SoSoValue.
The fresh capital more than reversed Monday’s $203.8 million in outflows and pushed weekly flows back into positive territory, ending a five-week stretch of net redemptions that had amounted to $3.8 billion.
Despite the rebound in ETF flows, overall market sentiment remained fragile. Analysts estimate that roughly half of Bitcoin’s circulating supply is currently underwater, adding pressure alongside reports of significant institutional selling in the fourth quarter of 2025.
Since the start of 2026, total assets under management in US spot Bitcoin ETFs have declined 30.5%, falling from approximately $117 billion to $81.3 billion.
Fidelity leads inflows, BlackRock follows
Fidelity Investments’ spot ETF, the Fidelity Wise Origin Bitcoin Fund (FBTC), posted the largest inflows on Tuesday, attracting nearly $83 million, according to data from Farside Investors.
BlackRock’s iShares Bitcoin Trust (IBIT) followed closely, bringing in about $79 million in fresh capital.
Cumulative net inflows into US spot Bitcoin ETFs remain above $54 billion, after peaking at more than $62 billion in October 2025 — a sign that a substantial base of investors has continued to hold positions despite recent volatility.
Institutions offloaded 25,000 BTC in Q4
Bloomberg ETF analyst James Seyffart said Tuesday that institutional investors — primarily advisers and hedge funds — sold approximately 25,000 BTC in the fourth quarter of 2025.
At current prices, the sales amount to roughly $1.6 billion, a relatively small portion of Bitcoin’s roughly $1.3 trillion market capitalization. According to Seyffart, institutions still collectively hold about 311,700 BTC.
Several analysts have also pointed out that nearly 9 million Bitcoin — roughly 45% of the circulating supply — is currently underwater, meaning those coins are valued below their holders’ cost basis.
Bitwise Asset Management Chief Investment Officer Matt Hougan said the dynamic reflects Bitcoin’s gradual transition from a purely speculative asset toward a more mature market.
“You can’t jump from 100% to 0% speculation without moving through every stage in between,” he wrote Tuesday on X.
