Bitcoin, Ether ETFs See January Outflows After Early-Year Rebound

United States spot Bitcoin and Ether exchange-traded funds (ETFs) have shed over $1 billion in combined outflows since Tuesday, marking an early-year pullback after a brief rebound to start 2026. 

SoSoValue data shows spot Bitcoin (BTC) ETFs recorded $1.13 billion in outflows between Tuesday and Thursday, offsetting $1.17 billion in inflows on Jan. 2 and Monday. Spot Ether (ETH) ETFs had a similar pattern, with about $258 million exiting since Wednesday, after posting modest inflows earlier in January.  

The reversal erases gains accumulated in the opening days of the year and signals renewed caution among investors. It also suggests that early inflows were fragile, with investors trimming exposure as sentiment softened. 

The renewed outflows also extended a cautious tone that carried over from the end of the year. CoinShares reported on Dec. 29 that crypto exchange-traded products (ETPs) shed $446 million over the Christmas period, reflecting a fragile year-end sentiment and lingering caution following earlier market volatility. 

ETF momentum cooled after mid-2025 surge

SoSoValue’s monthly flow data shows that both spot Bitcoin and Ether ETFs saw their strongest accumulation phase in July 2025. Bitcoin funds peaked at over $6 billion in monthly inflows, while Ether products saw over $5 billion. 

Since then, flows have trended downward. Spot Bitcoin ETFs saw $750 million in outflows in August, then recovered in September and October. This was followed by their second-strongest outflow month of 2025 in November, as $3.48 billion exited.

Ether ETFs followed a similar, though smaller-scale, trajectory. Inflows accelerated through July and August before turning negative in November and December. 

The shift followed October’s sharp market correction, when a $20 billion liquidation event triggered widespread deleveraging across crypto markets. Analysts described the event as controlled deleveraging rather than a systemic cascade. 

While the event was not deemed a structural failure, ETF flow data suggests that investors reassessed exposure in the weeks that followed, contributing to heavier redemptions in November and December. 

Related: Crypto market crash last October marked end of ’easy yield’ era: BitMEX

Altcoin ETFs show smaller but steadier inflows

Spot ETFs tracking altcoins like XRP (XRP) and Solana (SOL) posted smaller monthly inflows but avoided outflow months. While inflow figures were significantly smaller, they consistently posted inflows amid broader volatility from the major funds. 

XRP and Solana ETFs attracted steady inflows since their launch in late 2025 and into January, even as BTC and ETH ETFs faced heavy redemptions. This suggests that some investors are rotating into more targeted exposure rather than fully exiting the asset class. 

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