New research from DWF Labs indicates that spot Bitcoin ETF flows are reactive rather than predictive. The analysis shows that net inflows and outflows typically follow past price movements, meaning investors act as trend followers who buy during rallies and sell during dips.
In the first half of 2026, spot Bitcoin ETFs experienced $5,4 billion in net outflows, marking the first negative half-year since their launch in January 2024. Prior to this, cumulative inflows had reached $56,6 billion by the beginning of 2026.
BlackRock’s IBIT fund dominated the market, accounting for 99,6% of all inflows in April. However, the fund subsequently recorded approximately $5 billion in net outflows during May and June. Between May 15 and June 3, Bitcoin ETFs saw a record 13 consecutive days of outflows, totaling $4,4 billion.
Spot ether ETFs also recorded their first negative half-year, with net outflows amounting to $1,47 billion. Despite these figures, DWF Labs maintains that sector fundamentals remain stable, citing ongoing infrastructure development and broader adoption.
