Spot Bitcoin ETFs break 10-day inflow streak as BTC nears worst Q1 close since 2018

The ten-day streak of inflows into U.S.-based spot Bitcoin ETFs, the longest seen so far this year, ended Friday after Fidelity’s FBTC fund recorded $93.16 million in outflows. Other funds saw negligible activity.

While Fidelity's FBTC was the only fund to record outflows on Friday, it had logged $97.14 million worth of inflows the day prior, according to SoSoValue data . Trading volume on Friday ticked up slightly higher than previous days, with $2.22 billion in value traded among all the funds. 

The funds had added over $1 billion in value during the ten-day streak, a level Presto Research analyst Min Jung called "relatively modest," The Block previously reported . 

"This suggests that while institutions are not aggressively risk-on, there is still demand for bitcoin exposure in the market," said Jung.

The end of the streak comes as BTC threatens to complete its worst Q1 close since 2018; the cryptocurrency's price is currently down about 1.8% in the past twenty-four hours and 11.67% in the first quarter of 2025, according to CoinGlass data . A slight price recovery could put it above 2020's 10.83% loss in Q1, while Q1 2018's dramatic 49.7% plunge is not likely to be surpassed. 

ETH ETFs reverse outflow streak

In contrast, U.S.-based spot Ethereum ETFs registered their first positive inflow day after seventeen consecutive days of net outflows (excluding March 24, which had zero net activity). Grayscale's ETHE fund took in $4.68 million on Friday, according to SoSoValue data , while no other funds recorded net inflows or outflows. 

Grayscale's ETHE fund still holds slightly more in net assets, $2.28 billion, than the second-largest spot ETH fund, BlackRock's ETHA, with $2.24 billion. The ETFs as a whole hold $6.42 billion worth of assets, a small fraction of the $94.39 billion held by their Bitcoin counterparts. 

Ethereum is currently looking towards late April or early May for deployment of its Pectra upgrade , following its successful deployment of the upgrade on its Hoodi testnet on Wednesday. The price of ETH is down about 2.5% in the past 24 hours, according to The Block's Ethereum Price Page .