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Bloomberg ETF expert Eric Balchunas dropped comments regarding the rebound witnessed on spot Bitcoin exchange-traded funds (ETFs) on Monday, March 23. On this day, Bitcoin (BTC) spot ETFs registered inflows worth $167.2 million.
Bitcoin ETF flows turn positive
In an X post, Balchunas described the recent inflows registered by the spot BTC ETFs as showing "incredible fortitude." He explained that the inflows come amid a 40% price drop for BTC over the past six months and negative media coverage.
In recent months, U.S. spot Bitcoin ETFs collectively saw about $2.5 billion in net inflows. This was a strong rebound after several weeks of outflows earlier in 2026.
Year-to-date flows had turned negative due to a streak of outflows. However, strong recent days pushed the funds very close to turning positive again for the year.
According to Balchunas, one more solid inflow day would fully erase the YTD deficit. The expert emphasized that the BlackRock iShares Bitcoin Trust (IBIT), the largest BTC ETF, had already recovered its own YTD flows.
IBIT is performing exceptionally well compared to the other ETFs. At the moment, it ranks in the top 2% for YTD inflows across U.S. ETFs.
Is Bitcoin outlook abnormal?
Despite Bitcoin falling about 40% over six months, investors kept buying into the ETFs rather than panicking and selling. To Balchunas, the BTC performance amid challenges is simply abnormal.
He pointed out that gold ETFs and funds saw massive outflows about 10 years ago, when gold dropped sharply. Roughly 1/3 of investors bailed from GLD and similar products, which is normal behavior for most assets when prices crash.
Bitcoin ETFs, by contrast, showed far less selling and quick reaccumulation. Balchunas views this as evidence of unusually strong, long-term conviction among Bitcoin investors, including institutions.
Balchunas has simply responded to new BTC updates posted by Shaun Edmondson. Shaun spotlighted the Monday inflows into U.S. spot BTC ETFs as one of those big daily contributions to the monthly total.
He also noted that Strategy dropped SEC filings that allow it to buy another $42 billion worth of BTC. Additionally, Morgan Stanley filed paperwork for its own spot BTC ETF. Their actions signal that major traditional Wall Street players are expanding in the BTC space.
Edmondson thinks these updates set BTC up for a major rally. He, therefore, urged investors to get positioned before supply gets even tighter and more institutions rush in.
Dan Burgin
Vladislav Sopov
