Performance of Bitcoin ETFs in March 2025

In March 2025, spot Bitcoin ETFs in the United States experienced combined net outflows of nearly $1.3 billion, with only Grayscale's Bitcoin Mini Trust maintaining positive flows, with over $55 million in net inflows .

According to data from Farside Investors, BlackRock's iShares Bitcoin Trust ETF (IBIT) led the outflows, with $552 million withdrawn and only $84.6 million in new subscriptions, while Fidelity's Wise Origin Bitcoin Fund (FBTC) recorded outflows of $517 million and inflows of only $136.5 million. Additionally, the Grayscale Bitcoin Trust (GBTC) saw over $200 million in withdrawals and did not register net inflows during the month.

Market Context and Perspectives

The negative performance of these products comes at a time of growing concern over a potential bear market, with some analysts forecasting up to 12 months of downward or sideways trends for Bitcoin. Ki Young Ju, founder and CEO of CryptoQuant, stated that “the Bitcoin bull cycle has ended” based on on-chain metrics indicating a drastic reduction in liquidity and sales by new large investors (“whales”) looking to secure profits before prices drop further .

This wave of outflows contrasts with the massive capital inflow seen in the first months following the launch of these ETFs in early 2024, when funds accumulated $5.25 billion in January, demonstrating how macroeconomic volatility and political events (such as tariff threats and inflation concerns) continue to affect institutional appetite for $BTC .