Crypto ETF Month — March 2025: net -$1.2B
March 2025 saw significant net outflows from spot crypto ETFs, with BTC and ETH being the only tracked assets. Total net outflows reached -$1.2B.
TL;DR
- Net flow: -$1.2B
- Total inflows: +$338.0M
- Total outflows: -$1.5B
- Strongest day: Mar 17 (+$267.3M) · Weakest day: Mar 7 (-$432.4M)
Monthly Overview
In March 2025, net flows into spot crypto ETFs were negative, with a total net outflow of -$1.2B. Only two assets tracked, BTC and ETH, recorded flows this month, with BTC dominating the outflows.
Flows by Asset
BTC
Net: -$801.2M / Inflow: +$335.6M / Outflow: -$1.1B
| Fund | Flow |
|---|---|
| Fidelity | -$285.1M |
| BlackRock | +$256.9M |
| Grayscale | -$230.5M |
| Valkyrie | -$124.6M |
| 21Shares | -$116.2M |
| Franklin | -$115.3M |
| WisdomTree | -$94.5M |
| Bitwise | -$85.5M |
| Invesco | -$85.1M |
| Grayscale BTC | +$65.2M |
| VanEck | +$13.5M |
ETH
Net: -$389.0M / Inflow: +$2.4M / Outflow: -$391.4M
| Fund | Flow |
|---|---|
| BlackRock | -$200.9M |
| Grayscale | -$91.5M |
| Fidelity | -$56.9M |
| Grayscale ETH | -$34.5M |
| 21Shares | -$5.0M |
| Bitwise | +$2.4M |
| Franklin | -$1.4M |
| VanEck | -$0.8M |
| Invesco | -$0.4M |
Weekly Breakdown
| Week | Net flow |
|---|---|
| Mar 3 – Mar 7 | -$893.5M |
| Mar 10 – Mar 14 | -$1.0B |
| Mar 17 – Mar 21 | +$641.4M |
| Mar 24 – Mar 28 | +$174.2M |
| Mar 31 | -$64.8M |
Biggest Fund Moves
Largest inflows
- BlackRock (BTC): +$256.9M
- Grayscale BTC (BTC): +$65.2M
- VanEck (BTC): +$13.5M
- Bitwise (ETH): +$2.4M
Largest outflows
- Fidelity (BTC): -$285.1M
- Grayscale (BTC): -$230.5M
- BlackRock (ETH): -$200.9M
- Valkyrie (BTC): -$124.6M
- 21Shares (BTC): -$116.2M
Market Interpretation
BTC experienced significant outflows totaling -$801.2M, driven by large withdrawals from funds like Fidelity and Grayscale. ETH saw smaller outflows of -$389.0M, with notable losses from BlackRock. The best day for inflows was March 17, with +$267.3M, suggesting some recovery, while the worst day was March 7, indicating severe capital withdrawal pressure.
Conclusion
March concluded with a substantial net outflow of -$1.2B, reflecting a challenging month for spot crypto ETFs. The data highlights a trend of capital exiting the market, particularly from BTC.