On Thursday, investors poured $269.3 million into BlackRock’s iShares Bitcoin Trust, making it the best-performing fund since early March—during a time when tensions between the United States and Iran were escalating. This influx of funds reversed the net outflows of 12 U.S. spot Bitcoin ETFs in the previous two days, resulting in a total net inflow of $358.1 million for these ETFs.

The capital inflows into Bitcoin ETFs are just one indicator of the demand for Bitcoin among individuals and institutions. According to data from Farside Investors, Fidelity Wise Origin Bitcoin Fund attracted $53.3 million in inflows, ranking second; while Morgan Stanley’s newly launched Bitcoin trust also raised $14.9 million on its second day of trading. Bitcoin ETFs issued by Bitwise and ARK 21Shares attracted $11.7 million and $4.8 million in inflows respectively, while products related to Bitcoin offered by Franklin Templeton and VanEck gathered approximately $2 million in funds.

So far this year, BlackRock’s IBIT Fund has seen a net inflow of $1.5 billion, despite the overall decline in the cryptocurrency market—by the time of writing, the price of Bitcoin had fallen from its peak of $97,000 in 2026 to $72,100. Robert Mitchnick, head of BlackRock’s Digital Assets division, said in March that investors in IBIT Fund showed a tendency to hold their positions for the long term, even amidst strong selling pressure in other areas of the Bitcoin ecosystem.

Meanwhile, Amy Oldenburg, head of Morgan Stanley’s Digital Assets division, told Bloomberg on Thursday that MSBT is the best-performing ETF product launched by Morgan Stanley so far. This is just the beginning of a series of new products we are launching in the asset management field, Oldenburg said. Morgan Stanley has also submitted applications to launch Ethereum-backed ETFs and Solana ETFs.

With this latest influx of funds, the current net inflows into U.S. spot Bitcoin ETFs are nearly back to the levels seen at the beginning of the year. By the end of 2025, the total net inflows into these Bitcoin ETFs amounted to $56.59 billion; currently, this figure is $56.51 billion, meaning they are just $80 million away from returning to the levels seen at the start of the year.