Bitcoin ETF flows turn negative after explosive start to 2026

• Bitcoin ETF outflows return after blockbuster start to 2026

• Fidelity-led selling offsets early-year Bitcoin ETF surge

• Ethereum, XRP and Solana ETFs still attract fresh inflows

US spot Bitcoin exchange-traded funds slipped back into negative territory on Tuesday, snapping a brief run of strong inflows that had marked the opening days of 2026.

According to data from SoSoValue, Bitcoin ETFs recorded $243 million in net outflows on Tuesday, marking the first day of negative aggregate flows this year.

The reversal followed a powerful start to the year, during which the products attracted more than $1.16 billion in net inflows across the first two trading sessions.

Fidelity and Grayscale drive outflows

The pullback was led by Fidelity’s Wise Origin Bitcoin Fund (FBTC), which saw $312.24 million exit the fund on Tuesday.

Grayscale’s flagship Bitcoin Trust (GBTC) also recorded notable withdrawals, with $83.07 million in net outflows. Grayscale’s Bitcoin Mini Trust saw a further $32.73 million leave the product.

Funds managed by Ark & 21Shares and VanEck also posted net outflows during the session, contributing to the overall negative total for the day.

The selling pressure was partially offset by continued demand for BlackRock’s iShares Bitcoin Trust (IBIT), which took in $228.66 million on Tuesday.

IBIT was the only US spot bitcoin ETF to record net inflows during the session.

Despite the single-day reversal, IBIT remains the standout performer early in the year.

Across the first three trading days of 2026, the fund has attracted a cumulative $888 million in net inflows, underscoring its dominant position in the market.

Ethereum and altcoin ETFs buck the trend

While Bitcoin ETFs saw redemptions, other crypto-linked products continued to attract capital.

US spot Ethereum ETFs recorded $114.7 million in net inflows on Tuesday, even as some products from Grayscale and Fidelity experienced outflows.

Altcoin-focused ETFs also remained in positive territory.

XRP ETFs added $19 million in net inflows, while Solana ETFs saw $9 million flow into the products, highlighting continued investor interest beyond Bitcoin despite broader market volatility.

Explosive start still shapes 2026 narrative

Tuesday’s outflows came after what had been an exceptionally strong opening to the year for Bitcoin ETFs.

In the first two trading days of 2026 alone, US spot Bitcoin ETFs pulled in more than $1.2 billion in net inflows, placing the sector on pace for a potentially record-setting year if momentum resumes.

“The spot Bitcoin ETFs are coming into 2026 like a lion,” said Bloomberg senior ETF analyst Eric Balchunas on Tuesday.

Balchunas noted that inflows exceeded $1.2 billion in just two days, with nearly all funds participating.

The WisdomTree Bitcoin Fund was the lone exception, he said.

He added that maintaining this pace would imply annual inflows of roughly $150 billion, or about 600% more than total inflows recorded in 2025.

“Told ya’ll if they can take in $22 billion when it’s raining, imagine when the sun is shining,” Balchunas said.

US spot bitcoin ETFs attracted $21.4 billion in net inflows in 2025, down from $35.2 billion in 2024.

BlackRock’s IBIT accounted for the majority of last year’s inflows.

Momentum accelerated sharply on Monday, when bitcoin ETFs logged $697 million in net inflows — the largest single-day intake in three months — as Bitcoin prices reclaimed and held above the $90,000 level following a volatile end to 2025.

Adding to the sector’s momentum, Morgan Stanley disclosed in a filing with the U.S. Securities and Exchange Commission on Tuesday that it plans to launch Bitcoin and Solana ETFs.

According to the filing, the proposed Morgan Stanley Bitcoin Trust will be a passive vehicle designed to track bitcoin’s spot price and will not employ leverage or derivatives.