U.S. Spot Bitcoin ETFs Near $100B AUM but Face Volatile 2026 Flows

Spot Bitcoin ETFs in the U.S. have exceeded $100 billion in total assets, representing almost 7% of Bitcoin's total supply of 21 million. Since January 2024, there have been net inflows of $58.72 billion. The year 2026 has experienced fluctuations, including a $6.38 billion outflow from November 2025 until February 2026, followed by a recovery that was interrupted by notable outflows in late May, resulting in year-to-date net inflows of $536 million as of May 24. Leading the inflows in 2026 was BlackRock's IBIT with $2.7 billion. The top three issuers account for 94% of assets under management. Meanwhile, Morgan Stanley introduced its Bitcoin Trust on April 8, while Jane Street and Goldman Sachs reduced their holdings. Bitcoin's price declined from $93,800 in January to below $75,000 by late May.