Crypto ETFs Roar Back in March With $1.5B Inflow Surge

Asset Flows and Composition

The two-month pattern of concentrated outflows gave way to broad-based net buying in March, with Bitcoin recording its strongest monthly inflow of the year and Ethereum turning positive for the first time since late 2025.

Bitcoin-linked ETFs recorded $1.51B in net inflows, closing March with $104.6B in total AUM, marking a dramatic reversal from February's $230.2M in outflows. Despite that reversal, the directional signal is unambiguous: institutional participants re-engaged with Bitcoin exposure at scale during the month.

Ethereum-linked ETFs posted $117.5M in net inflows, ending March with $16.0B in aggregate AUM. The headline was driven almost entirely by the launch of the iShares Staked Ethereum Trust ETF

, which attracted $405.8M in its debut month, while the two largest existing Ether ETFs, the iShares Ethereum Trust ETF (

ETHA

+3.14%

, -$259.0M) and the Fidelity Ethereum Fund (

FETH

+2.97%

, -$196.2M), continued to see redemptions. Strip out the ETHB launch and the underlying Ethereum ETF market remained in net outflows.

Multi-asset products recorded $26.3M in net outflows, maintaining $2.17B in AUM and remaining the only category in net redemptions during March.

Among US-listed altcoin ETFs, Solana posted $60.8M in net inflows, its third consecutive positive month, closing with $1.14B in AUM. US-listed XRP ETFs recorded net outflows of $4.2M, with the 21Shares XRP ETF

seeing $23.9M in redemptions, partially offset by inflows to newer and leveraged products including the Teucrium 2x Long Daily XRP ETF (

XXRP

+2.65%

, +$14.3M) and Canary XRP ETF (

XRPC

+1.54%

, +$7.6M).

Fund-Level Activity

The iShares Bitcoin Trust ETF (

) accounted for $1.28B of the $1.52B in US net inflows during March, representing over 84% of the monthly total. IBIT's AUM reached $53.05B at month-end, extending its position as the world's largest crypto ETF by a substantial margin. March's recovery was strong in headline terms but narrow in breadth, with the bulk of net inflows tracing to IBIT and ETHB combined.

Beyond those two products, the NEOS Bitcoin High Income ETF

attracted $87.9M, the Grayscale Ethereum Mini Trust ETF

ETH

+2.95%

added $85.9M, and the Bitwise Solana Staking ETF

BSOL

-0.83%

attracted $58.5M.

By AUM, IBIT remained the clear leader at $53.05B, followed by FBTC at $12.74B and GBTC at $10.28B. GBTC recorded $136.3M in net outflows during March, continuing its multi-month pattern of slow asset attrition as investors rotate toward lower-fee alternatives. ETHA retained its position as the largest Ethereum ETF at $6.34B, despite recording -$259.0M in net outflows for the month.

American Dominance

US-listed products maintained their dominant position in the global crypto ETF market in March. American-domiciled ETFs closed the month with $110.4B in AUM, representing 84.5% of the global total and marginally extending the 84.2% market share held in February, as US inflows outpaced the broader recovery. The concentration of assets and activity within US-listed vehicles remained high across Bitcoin, Ethereum and altcoin categories, with the US accounting for the majority of both AUM and monthly flow activity globally.

Outlook

Open interest on derivatives exchanges rose 7.66% to $88.9B in March  (per CoinDesk’s Exchange Review) even as spot trading volumes fell; a divergence that reinforces the accumulation reading of the month's ETF inflows.

The key structural question heading into Q2 centres on ETHB. iShares' staked Ethereum debut attracted $405.8M in its first month, while ETHA and FETH recorded combined redemptions of $455.2M over the same period. Whether ETHB is drawing genuinely new capital into the Ethereum ETF category, or accelerating rotation out of the higher-fee incumbents, will shape the Ethereum flow picture through the coming months.

GBTC's $136.3M in March outflows continued a pattern running since the start of the year, but the pace has been slowing. A stabilising GBTC alongside IBIT sustaining over $1B in monthly inflows would suggest the structural floor of US crypto ETF flows is firmer than the headline concentration in two products implies. US-listed XRP ETFs slipped into net outflows in March after two months leading altcoin flows, with TOXR losing $23.9M while newer and leveraged products posted inflows. Whether that internal rotation reflects consolidating demand or gradual fading is the open question heading into Q2.

Data Sources:

Trackinsight (All ETF and ETP Data): https://www.trackinsight.com/services/data-services

CoinDesk (Bitcoin, CD5, CD20, Centralised Exchange Data): https://indices.coindesk.com/indices; https://www.coindesk.com/price

Disclaimer: Trackinsight considers flows from an ETF's perspective, treating the fund's first AUM upon listing as its initial inflow, which may differ from other sources that account for pre-listing activity or conversions.