U.S. Spot Crypto ETFs Pulled in $615 Million Last Week: Flow Data Reveals a Split Market

American spot crypto ETFs recorded strong net inflows during the week of March 2 to 6, with Bitcoin attracting the majority of institutional capital while Ethereum flows told a more divided story.

The Bitcoin Side

Total Bitcoin spot ETF inflows reached $568.5 million across the week, representing net purchases of 8,940 BTC. BlackRock led all managers by a significant margin, buying 9,930 Bitcoin. Franklin added 337 BTC and Valkyrie 242 BTC. VanEck and Invesco contributed smaller purchases of 172 and 228 BTC respectively.

The selling side is worth examining separately. Fidelity sold 2,058 Bitcoin, the largest single reduction among any manager for either asset. Bitwise reduced its Bitcoin position by 281 BTC. ARK 21Shares sold 76 BTC. Grayscale sold 81 BTC.

The net figure of 8,940 BTC masks a meaningful divergence in direction. BlackRock alone bought more Bitcoin than the total net inflow figure, meaning the other managers as a group were net sellers. One manager carried the entire week’s positive number. That concentration is not alarming in a single week but it is worth tracking across subsequent reports.

At current Bitcoin prices around $69,000, BlackRock’s 9,930 BTC purchase represents approximately $685 million in notional exposure added in five trading days. That is the largest single-manager institutional Bitcoin purchase reported in recent weekly flow data.

The Ethereum Side

Ethereum spot ETF flows tell a different story. Total net inflows reached $23.5 million, representing 17,347 ETH added across the week. The gross number looks positive. The composition underneath it does not.

BlackRock bought 66,110 Ethereum. Grayscale bought 50,695 ETH. Bitwise added 3,933 ETH. VanEck and Invesco each added smaller amounts. Those purchases are substantial in isolation.

Fidelity sold 103,822 Ethereum. ARK 21Shares sold 2,446 ETH. Fidelity’s reduction alone was larger than every other manager’s purchases combined. The $23.5 million net inflow figure exists entirely because BlackRock and Grayscale bought enough to absorb Fidelity’s selling and still produce a positive number. Remove BlackRock from the Ethereum column and the week is a net outflow.

What the Divergence Means

Two patterns are visible simultaneously. Bitcoin attracted broad-based institutional buying with selling concentrated in a few managers. Ethereum attracted large purchases from specific managers while facing significant selling from others. Both ended the week with net positive flows. The mechanisms producing those outcomes are different enough to be worth distinguishing.

Fidelity’s behavior is the most notable data point across both columns. The firm sold 2,058 BTC and 103,822 ETH in the same week. That is not a rotation between assets. It is a reduction in crypto exposure across both major positions simultaneously. Whether that reflects client redemptions, tactical positioning, or rebalancing against other holdings is not visible from the flow data alone.

BlackRock moved in the opposite direction on both assets. Buying nearly 10,000 BTC and 66,000 ETH in the same week positions the firm as the dominant buyer across the entire spot ETF complex for that period. The gap between BlackRock and every other manager is widening in the flow data consistently enough that the competitive dynamics of the ETF market deserve attention beyond the headline net inflow numbers.

$615 million in net inflows is a strong week by historical standards. The story inside that number is more complicated than the total suggests.

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