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Blog / Market Analysis
March 17, 2026 · 8 min read

The spot Bitcoin ETF, two years on: what changed

Two years in, the spot Bitcoin ETF has materially changed market structure. Here's what's measurably different, and what isn't.

US spot Bitcoin ETFs began trading in January 2024. They let investors get Bitcoin exposure through a brokerage account, without holding keys.

What changed

  • Access: advisors, pensions and retail investors can hold Bitcoin in regular accounts.
  • Flows became a data series: daily creations and redemptions are published and widely followed.
  • Custody concentrated: large custodians now hold a significant share of supply on behalf of funds.

What did not change

  • Bitcoin still trades 24/7 on global venues; ETF flows add to, not replace, that market.
  • Volatility remains high compared with traditional assets.
  • Self-custody and the network itself work the same.

How to read flows

Net inflows suggest new demand, but a single day says little. Look at multi-week trends, and compare flows with price moves and funding rates before drawing conclusions.

Check the issuer websites for current numbers. Not financial advice.

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