Momentum in Bitcoin exchange-traded funds has flipped sharply just days into 2026, underscoring how quickly sentiment can change in crypto markets when macro uncertainty rises.
After opening the year with strong inflows, spot Bitcoin ETFs have recorded $1.128 billion in outflows over three consecutive trading days, nearly wiping out the gains logged during the first two sessions of the year. Ethereum ETFs have followed a similar path, while select altcoin funds continue to quietly attract capital.
From Strong Start to Sudden Reversal
Data from SoSoValue shows that Bitcoin ETFs ended 2025 under pressure. November saw $3.48 billion in net outflows, the second-largest monthly drawdown on record, followed by a more moderate $1.09 billion in December.
The new year initially offered hope. On January 2, Bitcoin ETFs pulled in $471.14 million, followed by another $697.25 million on January 5 — the strongest single-day inflow in nearly three months. Together, those sessions added $1.17 billion, briefly reviving bullish expectations.
That optimism faded quickly. On January 6, ETFs shed $243.24 million, followed by a much steeper $486.08 million in outflows on January 7 — the largest since late November. Another $398.95 million left on January 8, pushing the three-day total to $1.128 billion.
As Coin Bureau summed it up, “Risk appetite is clearly cooling as investors pull capital from BTC exposure.”
Where the Money Is Leaving — and Where It Isn’t
The pullback was broad-based across major issuers. BlackRock’s IBIT saw $193.34 million in net outflows, while Fidelity’s Bitcoin ETF lost $120.52 million. Products from Ark & 21Shares and Grayscale also posted net redemptions.
There were a few exceptions. WisdomTree’s Bitcoin ETF recorded modest inflows, while several other products reported flat flows, suggesting some investors are choosing to wait rather than exit entirely.
Ethereum ETFs mirrored Bitcoin’s weakness, logging $159.17 million in net outflows on Thursday after losing $98.45 million the day before.
Altcoin ETFs Buck the Trend
While Bitcoin and Ethereum funds struggled, newer altcoin ETFs showed relative resilience. XRP ETFs rebounded with $8.72 million in inflows on Thursday after suffering their first daily outflow earlier in the week. Solana ETFs extended their streak to eight consecutive days of inflows, adding $13.64 million.
The divergence suggests investors are selectively rotating exposure rather than abandoning crypto altogether.
Bitcoin at a Technical Crossroads
The ETF slowdown has coincided with softer price action in Bitcoin. The asset is down about 1.3% since Monday, trading near $90,360 at the time of writing, though it has eked out small gains over the past 24 hours.
Market analyst Ted Pillows described Bitcoin as stuck in a “no-trade zone,” arguing that price action is approaching a decision point.
“Either Bitcoin needs to reclaim the $92,000 level, or it’ll drop towards the $88,000 zone, which also has a CME gap,” he said.
All Eyes on a U.S. Court Decision
Adding to the tension is a potentially market-moving U.S. Supreme Court decision on President Trump’s tariffs. While a ruling is not guaranteed, Thursday has been flagged as a “decision day” for issuing opinions, fueling speculation that the tariff case could be addressed.
Prediction markets on Polymarket assign roughly a 75% probability that the court rules against the tariffs. Such an outcome could force the Treasury to return an estimated $133 billion to $140 billion to importers — a development with implications across equities, bonds, and crypto.
Some analysts believe a ruling against the tariffs could mark a turning point.
“If the Supreme Court cancels Trump’s tariffs today, Bitcoin and crypto likely just printed a local bottom,” said Master of Crypto. “Less uncertainty, lower costs, and improving earnings expectations are usually when risk assets start moving back up.”
Caution Dominates the Near Term
For now, the sharp reversal in Bitcoin ETF flows reflects growing near-term caution rather than outright capitulation. Investors appear to be waiting for macro clarity, especially around trade policy, before recommitting capital.
With Bitcoin hovering near key technical levels and ETF demand in flux, price action is likely to remain sensitive to headlines. While altcoin ETFs hint that appetite for crypto risk hasn’t disappeared, the next decisive move may depend less on charts — and more on the courtroom.