Spot Bitcoin ETFs recorded $8.2 billion in net inflows during March 2026, the highest monthly total since their January 2024 launch.
BlackRock's iShares Bitcoin Trust (IBIT) captured $4.1 billion of the total, maintaining its dominant market share. Fidelity's FBTC attracted $1.8 billion, with the remainder spread across eight smaller funds.
The inflows coincided with Bitcoin trading above $120,000 for the first time, driven by a combination of geopolitical uncertainty, dollar weakness, and growing institutional allocation.
Pension funds are now a significant source of demand. California's CalPERS, the largest US pension fund, disclosed a $500 million Bitcoin ETF allocation in its Q1 filing — the largest pension fund commitment to date.
Critics warn that the rapid growth of Bitcoin ETFs introduces systemic risk. If prices fall sharply, forced selling by ETFs could amplify the decline. The SEC is monitoring closely but has not indicated plans to restrict inflows.