The resurgence of bitcoin ETF inflows is undeniable. However, the process remains unfinished.

Although inflows have returned, they haven’t yet matched the highs seen last autumn.

Key takeaways:

— Over the last two months, U.S.-listed spot bitcoin ETFs have drawn in $3.29 billion, pushing cumulative net inflows since their January 2024 debut to $58.72 billion. This figure still trails the $61.19 billion peak recorded in October.

— The ongoing rebound in ETF demand has not entirely made up for the $6.38 billion in outflows that occurred between November 2025 and February 2026, highlighting that the recovery from last fall’s high remains incomplete.

The 11 U.S.-listed spot bitcoin

Looking at the bigger picture, the recovery appears less dramatic than recent monthly headlines imply.

Data from SoSoValue indicates that ETFs have collected $3.29 billion from investors over the past two months. May started with optimism, as ETFs reported a net inflow of $629 million on Friday.

This progress has brought cumulative net inflows since the January 2024 launch to $58.72 billion, which remains below the all-time high of $61.19 billion set in October. That was also the month bitcoin’s spot price reached its historic high of over $126,000.

The disparity illustrates that while demand has returned, it hasn’t yet offset the outflows between November 2025 and February 2026. During that four-month period, investors withdrew $6.38 billion as bitcoin’s price plummeted from over $100,000 to nearly $60,000.

This isn’t necessarily cause for concern, but it serves as a practical reality check on the current state of affairs compared to the peak of October’s bullish sentiment. It confirms that the recovery in ETF flows is genuine but not yet complete. Whether it will gather sufficient momentum will be revealed in the coming days.