U.S. spot cryptocurrency ETFs recorded approximately $932 million in net inflows during the trading week of February 23 to 27, 2026, with BlackRock’s IBIT accounting for $503 million of the Bitcoin category total and the week representing the first green weekly bar in the SoSoValue flow chart after five consecutive weeks of net outflows.
Bitcoin spot ETFs led the category with $787.40 million in net inflows across the week. Ethereum spot ETFs added $80.50 million. Solana spot ETFs attracted $44.44 million and XRP spot ETFs recorded $9.55 million, bringing the total across all spot crypto ETF products to approximately $932 million.
The operator-level breakdown shows where the conviction was concentrated. BlackRock purchased 7,715 Bitcoin and 20,066 Ethereum across the week, by a significant margin the largest single-operator accumulation in both categories.
Grayscale added 1,929 Bitcoin and 40,605 Ethereum, notable for its outsized Ethereum accumulation relative to its Bitcoin buying. Bitwise acquired 1,044 Bitcoin and 810 Ethereum. ARK 21Shares bought 339 Bitcoin and 3,696 Ethereum. VanEck added 537 Bitcoin and 241 Ethereum. Fidelity purchased 579 Bitcoin and 22,365 Ethereum.
Invesco was the only operator to post a mixed result, buying 49 Bitcoin while selling 1,070 Ethereum. Franklin bought 28 Bitcoin with no Ethereum activity reported.
The weekly bar chart from SoSoValue provides the context that makes the Week 9 inflow figure more meaningful than it appears in isolation. The chart covers January 16 through February 27, and the pattern it reveals is stark.
The week of January 16 posted a large green bar, roughly $1.5 billion in inflows. Then five consecutive red bars followed, with the worst weeks clustered around January 23 and January 30 where outflows reached approximately $1 billion and $1.5 billion respectively. February brought smaller but persistent outflows across three additional weeks. Total net assets in the products declined from a peak near $124 billion in mid-January to approximately $83.4 billion by the end of February, a compression driven by both outflows and the decline in Bitcoin’s price from $65,594 at the time of the data snapshot.
The Week 9 green bar is the first positive weekly reading since January 16. It is not a large green bar relative to what the red bars represented in the intervening period, but the direction reversed.
BlackRock’s $503 million in Bitcoin ETF inflows out of a $787 million category total means the firm accounted for approximately 64% of all Bitcoin spot ETF inflows for the week. That concentration in a single operator is notable and mirrors a pattern that has appeared across multiple weeks in the dataset, where IBIT acts as the primary driver of weekly flow direction.
The Ethereum side tells a different story across operators. Grayscale’s 40,605 ETH acquisition was the largest single Ethereum purchase of any operator during the week, exceeding BlackRock’s 20,066 ETH and Fidelity’s 22,365 ETH in absolute token terms. The Ethereum category total of $80.50 million reflects broad participation across most operators rather than the single-operator dominance visible on the Bitcoin side.
The week ended with total net assets in U.S. spot crypto ETF products sitting at $83.4 billion, down from over $120 billion at the January peak. A $932 million inflow week is constructive but does not reverse the cumulative outflows that occurred across the preceding five weeks. The asset base needs sustained positive weekly flows at this level or higher before the total net assets figure begins recovering in a meaningful way.
The data covers activity through February 27. What happened on February 28, when BlackRock sold both Bitcoin and Ethereum in a session marked by geopolitical shock, is a separate story that will show up in next week’s numbers.
