April proved to be the strongest month for cryptocurrency markets across several measures since late last year. Bitcoin (BTC) recorded a double-digit gain while spot Bitcoin ETFs drew nearly $2 billion in fresh capital.
At the same time, exchange-traded funds tracking the largest altcoin by market cap ended a painful five-month stretch that had seen them lose more than $2.5 billion in total.
Spot Bitcoin ETFs Turn Positive Year-to-Date
Following a record-setting July 2025 when bitcoin-tracking funds amassed over $6 billion, investors continued to add capital through September and October, with roughly $3.5 billion flowing into ETFs each month. That momentum shifted in November, however, when the broader crypto market weakened and roughly the same amount was withdrawn. December saw more than $1 billion in outflows and January added another $1.6 billion in redemptions.
February showed a meaningful slowdown in withdrawals but remained negative with net outflows of $206 million. March finally halted the four-month run of outflows, delivering net inflows of $1.32 billion. April improved on that performance: in addition to bitcoin’s nearly 12% monthly gain, spot Bitcoin ETFs attracted just under $2 billion, according to SoSoValue—making it the strongest monthly inflow since October of the previous year.
Combined inflows across March and April have flipped the year-to-date picture: cumulative flows for 2026 are now positive at nearly $1.5 billion. BlackRock’s IBIT leads the pack in total flows, followed by Fidelity’s FBTC.
Ethereum ETFs End Five-Month Outflow Run
While bitcoin ETFs reversed their negative streak in March, spot Ethereum ETFs continued to experience outflows through the end of the first quarter. Funds tracking ETH suffered heavy withdrawals in November (-$1.42 billion), followed by $616 million in December, $353 million in January, $370 million in February, and a smaller $46 million in March.
That five-month decline—the worst stretch in the short history of spot Ethereum ETFs—finally stopped in April, when investors injected $356 million into ETH products. Despite that rebound, year-to-date performance remains negative: more than $410 million has exited Ethereum ETFs over the first four months of 2026.
BlackRock’s ETHA remains the leading product in terms of assets and flows, with Fidelity’s FETH in second place.