Bitcoin ETF Inflows Dropped 73% in March as Institutions Rotate Into Tokenized Treasuries

Bitcoin spot ETF inflows fell to $890 million in March, down from $3.3 billion in February. That's a 73% drop. BTC itself is holding around $66,400 which isn't a collapse, but the flow data tells a different story. Institutional capital is rotating into tokenized treasury products, the same asset class that crossed $12 billion in AUM earlier this month.

The ETF complex still holds $91.8 billion in total net assets so it's not like the product is dying. But the momentum has clearly shifted. Feels like the "everything into BTC ETFs" phase is over, and institutions are now splitting their digital asset allocation between crypto and tokenized real-world assets.