While BlackRock’s IBIT has seen strong trading activity, overall spot Bitcoin ETF flows have been uneven. The sector recorded net outflows during much of Q1 2026, influenced by market volatility and broader macroeconomic conditions.

However, flows turned positive in March, with funds adding over $1 billion after earlier withdrawals. This contrast highlights that high trading volume does not necessarily indicate new capital inflows, as activity can also reflect portfolio adjustments and short-term positioning.