Bitcoin ETFs end Q1 in the red as early outflows outweigh March gains

US-listed spot Bitcoin ETFs ended the first quarter of 2026 in negative territory. March did see a return of inflows, but that came only after two straight months of steady withdrawals.

Figures from SoSoValue show that the funds added $1.32 billion in March and ended a dry spell that had lasted since October 2025. 

Yet the inflows were not enough to offset the heavy redemptions that occurred in January, when $1.61 billion was pulled from the funds. Subsequently, February saw further withdrawals of $207 million, leaving the quarter with roughly $500 million in net outflows.

Outflows picked up pace as Bitcoin fell by more than 22% over the quarter, extending losses after a 23% drop in the final quarter of 2025. Consecutive declines across two quarters added pressure on investor positioning and fund flows.

Investor sentiment remained fragile even as capital returned in March. Readings from the Crypto Fear & Greed Index stayed under 20 for most of the month, a range tied to “Extreme Fear.”

Even under those conditions, ETF inflows picked up toward the end of the quarter. Some analysts link that resilience to continued institutional participation, despite uncertainty tied to geopolitical tensions in the Middle East. 

However, trading activity slowed, with spot Bitcoin ETF volumes falling to around $79 billion in March, compared with $93 billion in February and $87 billion in January. By the end of the quarter, cumulative inflows into the segment reached close to $56 billion, while total assets under management stood near $87.5 billion.

Spot Ether ETFs recorded the largest quarterly losses among altcoins at about $769 million. These products have recorded three consecutive months of outflows after closing March with $46 million in net withdrawals.

XRP ETFs also recorded outflows in March with roughly $31 million exiting the funds. Earlier inflows kept the quarterly figure positive, with net additions of roughly $43 million.

Meanwhile, Solana ETFs brought in a combined $213 million over the quarter. Since their launch in October 2025, they have yet to post a month of net outflows.