The inflow performance of the US Bitcoin spot ETF has been sluggish, with only five days of positive inflows in February, and only one day of net inflows so far in March. As a result, the cumulative net inflows of these funds have been almost completely erased since the beginning of 2025, and their total asset value has also fallen by nearly 25% from the January high, following the drop in Bitcoin prices.

2025 cumulative net inflows have almost returned to the original point

According to SoSoValue data, the current cumulative net inflow of Bitcoin ETFs is $35.2 billion, only $200 million more than the $35 billion on January 2, 2025 (the first trading day of the year). In other words, the market volatility over the past two months has almost offset the growth in ETF inflows.

BRN analyst Valentin Fournier said: "This shows that the initial investors interested in digital assets have basically completed their layout." During February, several larger Bitcoin ETFs saw significant outflows, leading to a weakening of market momentum. He further pointed out: "Going forward, ETFs will need new market demand or broader market catalysts to reignite inflows."

Bitcoin price rebounds, ETF asset value temporarily rises

Although the total inflows of Bitcoin ETFs are still in net outflow, the total asset value managed by the funds has recently rebounded. Since last Tuesday, the price of Bitcoin has risen by about 10%, driving a concurrent rise in the asset value managed by the ETFs. However, this growth is mainly due to changes in the price of Bitcoin itself, rather than new inflows of investor capital.

Asset management companies turn to compete for "Altcoin ETFs"

Against the backdrop of sluggish inflows into Bitcoin ETFs, multiple asset management companies have begun to turn their attention to "Altcoin ETFs", seeking new market opportunities. Currently, several companies have submitted proposals for ETFs that include cryptocurrencies such as Polkadot (DOT), Axelar (AXL), and AVAX (Avalanche).

Market analysts believe that among the many competitors, ETFs for Litecoin (Litecoin), XRP (XRP), Solana (SOL), and Dogecoin (Dogecoin) are most likely to be approved by regulators. If these products are successfully launched, they may bring new liquidity and investment opportunities to the market, further impacting the flow of capital in the crypto market.

The slowdown in inflows to Bitcoin ETFs indicates that investor enthusiasm for the market has cooled, and the future performance of ETFs will depend on whether the market can attract new demand or external positive factors. In addition, as asset management companies compete to launch Altcoin ETFs, the future development direction of the digital asset market is still worth watching.