Investors withdrew roughly $1.82 billion from US-based spot Bitcoin and Ether exchange-traded funds (ETFs) over the past five trading days, as sentiment weakened in the wake of a rally in precious metals.
Data from Farside shows that spot Bitcoin ETFs accounted for $1.49 billion of the outflows between Monday and Friday, while spot Ether ETFs recorded net withdrawals of $327.1 million. The outflows occurred as prices for both cryptocurrencies continued to slide, despite tentative signs of stabilization. Over the past seven days, Bitcoin and Ether have declined by 6.55% and 8.99%, respectively, trading around $83,400 and $2,685, according to CoinMarketCap.
Bitcoin climbed about 7% in the two days leading up to Jan. 15 on speculation surrounding the US CLARITY Act, but the rally quickly lost momentum.
During that stretch, spot Bitcoin ETFs recorded their largest single-day inflow of 2026 on Jan. 14, totaling $840.6 million. Shortly afterward, the Crypto Fear & Greed Index—which tracks overall market sentiment—jumped to its highest reading of the year, registering a “Greed” score of 61.
Bitcoin pessimism is “short-sighted,” analysts say
Market participants often monitor spot crypto ETF flows as a proxy for retail sentiment and near-term price direction. ETF analyst Eric Balchunas described the recent negativity surrounding Bitcoin’s performance relative to gold and silver as “very short-sighted.”
“Bitcoin spanked everything in 2023 and 2024,” Balchunas wrote in an X post on Saturday, arguing that investors have quickly forgotten its outsized gains. He added that even after posting their strongest year ever, traditional assets have yet to fully catch up, despite Bitcoin “being in a coma.”
Balchunas also noted that the “institutionalization narrative” for Bitcoin was priced in rapidly—well before it fully materialized—forcing the asset to pause so fundamentals could catch up with valuation.
Meanwhile, gold and silver touched all-time highs of $5,608 and $121 earlier this week, but both saw sharp pullbacks on Friday. Gold fell 8% to $4,887, while silver slid roughly 27% to $84.
Looking ahead, Bitwise Chief Investment Officer Matt Hougan said in an X post on Jan. 15 that Bitcoin’s price “will go parabolic if ETF demand persists over the long term.”
