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- Spot Bitcoin ETFs Logged Net Inflows in March, While a Bitcoin-Backed Municipal Bond Might Be Around the Corner
Spot Bitcoin ETFs Logged Net Inflows in March, While a Bitcoin-Backed Municipal Bond Might Be Around the Corner
Bitcoin ETFs recorded $1.32 billion in inflows in March.
Patrick Lowry
April 02, 2026
Bitcoin ended March slightly in the green while spot Bitcoin ETFs recorded their first positive inflow month since October, with net inflows exceeding $1.32 billion. What’s more, a Bitcoin-backed bond from a New Hampshire State Authority could launch soon, having secured a rating from Moody’s.
TL;DR
U.S. spot Bitcoin ETFs saw their first net inflow month since October 2025.
New Hampshire State Authority is set to issue a municipal bond and has cleared the hurdle with Moody's rating agency.
Spot Bitcoin ETFs See Their First Net Inflow Month Since October 2025 👀
After several months of net outflows, net monthly inflows returned in March, when U.S. spot Bitcoin ETFs recorded $1.32 billion in net inflows.
Source: SoSoValue
The fund with the largest inflows was BlackRock (IBIT), which recorded over $1.4 billion in March. It currently holds over $53.3 billion in net assets.
In total, all spot Bitcoin ETFs currently hold over $87.71 billion in total net assets.
What’s even more impressive is that Bitcoin was only up 0.5% this month, while the inflow pace for all ETFs was at the same level as when BTC was trading around $60,000 per coin in September 2024.
I also wrote about this last week, highlighting that Bitcoin ETFs outpaced gold ETFs over a three-week span.
New Hampshire, especially its legislators and individual Bitcoin advocates, seems to be pushing hard for Bitcoin adoption.
They previously passed a bill that enabled future investments in Bitcoin for a statewide reserve, and now it seems there is even more exciting news!
Earlier this week, the New Hampshire Business Finance Authority announced that it’s preparing to launch a Bitcoin-backed municipal bond, which has already received a provisional Ba2 rating from Moody's.
The bond was already approved by the same state authority last November, and the bond would be Bitcoin-backed for $100 million. This week’s announcement inches us one step closer to making the bond a reality.
The bond is structured with a pure Bitcoin play in mind. Rather than relying on business cash flow, bondholders are repaid by liquidating the BTC held in custody.
Moody’s rating is just two notches below investment grade, and the agency also explained how it arrived at the rating.
Common structured credit protections are integrated into the agreement, such as 1.6x overcollateralization and specific triggers requiring liquidation should the loan-to-value ratio decline.
According to Moody’s, the rating accounts for "risks associated with the transaction's collateral, structure and operation," with particular emphasis on Bitcoin's volatility. To account for potential downside scenarios, the agency utilized short liquidation windows and a 72% advance rate in its modeling.
Moody’s noted that the bonds are limited-recourse and that no public funds of the State of New Hampshire may be used to repay them.
Elsewhere in Bitcoin 📖
A quick look at what else has been happening in Bitcoin:
Your fellow stacker in sats,
Patrick Lowry
PS: Connect with me up on X if you want to hear more of my thoughts on Bitcoin and digital assets.
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