U.S. spot Bitcoin and Ether exchange-traded funds (ETFs) have recorded more than $1 billion in combined outflows since Tuesday, marking an early pullback after a brief rebound at the start of 2026.
Data from SoSoValue shows that spot Bitcoin ETFs saw $1.13 billion in outflows between Tuesday and Thursday, effectively offsetting the $1.17 billion in inflows recorded on Jan. 2 and Monday. Spot Ether ETFs followed a similar pattern, with roughly $258 million exiting since Wednesday after posting modest inflows earlier in the month.
The reversal wipes out gains from the opening days of the year and points to renewed investor caution. It suggests that early inflows were fragile, with investors scaling back exposure as market sentiment softened.
The renewed outflows also extend the cautious tone seen toward the end of 2025. CoinShares reported on Dec. 29 that crypto exchange-traded products (ETPs) experienced $446 million in outflows over the Christmas period, highlighting fragile year-end sentiment and lingering caution following earlier bouts of market volatility.
ETF momentum cooled after mid-2025 surge
Monthly flow data from SoSoValue shows that spot Bitcoin and Ether ETFs experienced their strongest accumulation phase in July 2025. Bitcoin funds attracted more than $6 billion in net inflows that month, while Ether ETFs drew over $5 billion.
Since then, momentum has steadily weakened. Spot Bitcoin ETFs posted $750 million in outflows in August, before stabilizing with modest recoveries in September and October. That respite proved short-lived, as November marked the second-largest outflow month of 2025, with $3.48 billion exiting the products.
Ether ETFs followed a similar, albeit smaller-scale, pattern. Inflows accelerated through July and August before turning negative in November and December.
The shift came after a sharp market correction in October, when a $20 billion liquidation event triggered widespread deleveraging across crypto markets. Analysts characterized the episode as a controlled unwind rather than a systemic breakdown.
While the correction was not viewed as a structural failure, ETF flow data suggests investors reassessed risk in the weeks that followed, contributing to heavier redemptions in November and December.
Altcoin ETFs see smaller but steadier inflows
Spot ETFs tracking altcoins such as XRP and Solana recorded more modest monthly inflows but avoided periods of net outflows. While the scale of inflows was significantly smaller than those seen in Bitcoin and Ether products, they remained consistently positive amid heightened volatility in the larger funds.
XRP and Solana ETFs have attracted steady capital since their launch in late 2025 and through January, even as BTC and ETH ETFs experienced sizable redemptions. The divergence suggests that some investors are rotating into more targeted crypto exposure rather than exiting the asset class altogether.
