Bitcoin acts more sensitive to macroeconomic developments increasingly influencing market behavior.
On February 3, 2026, spot Bitcoin ETFs traded in the United States experienced significant withdrawals due to consecutive price fluctuations. Data from SoSoValue indicates that investors withdrew approximately $272 million from Bitcoin-focused products in a single day. During this time, there were limited but stable inflows to Ethereum and XRP-related ETFs, indicating a shift in the balance of the cryptocurrency market. These developments suggest that investors are becoming more selective amid global market uncertainties.
ContentsDeepening Outflows in Bitcoin ETFsQuiet Capital Shifts to Ether and XRPDeepening Outflows in Bitcoin ETFs
In the first week of February, spot Bitcoin ETFs listed on US exchanges encountered one of their most severe daily outflows. The nearly $272 million net outflow coincided with Bitcoin’s price fluctuating from a low of $73,000 to rallying above $76,000. Experts attribute these sharp price movements to low liquidity conditions and rapidly changing global news influencing market behavior.
Market professionals note that Bitcoin appears to be behaving more like an asset sensitive to macroeconomic developments. Fluctuations in stock markets, tightening financial conditions, and concerns regarding the technology sector have heightened investors’ risk-aversion tendencies. Particularly, sharp sell-offs in US technology stocks have had repercussions in the cryptocurrency market.
Behind this selling pressure lies the uncertainty created by a new artificial intelligence automation tool developed by Anthropic. Concerns over potential changes in business models within the software industry have led to declines in technology indices, contributing to accelerated capital outflows from Bitcoin ETFs. Consequently, Bitcoin appears to be more closely tied to global risk sentiments in the short term.
Quiet Capital Shifts to Ether and XRP
Despite the outflows from Bitcoin, significant activity was observed in Ethereum and XRP-focused investment products. On February 3, spot Ethereum ETFs saw approximately $14 million in inflows, while XRP-related ETFs received about $20 million. Although the figures seem limited, they indicate that investors are repositioning rather than completely exiting the market.
Analysts attribute this shift to diverse usage scenarios and valuation expectations. Ethereum’s role in decentralized finance and smart contracts retains its appeal for certain investors. In contrast, XRP presents an alternative investment narrative with its potential for cross-border payments and institutional usage.
This scenario underscores selective risk-taking behavior rather than a wholesale risk aversion in the cryptocurrency market. While Bitcoin ETFs bear the brunt of short-term uncertainty, demand for other major cryptocurrencies remains partially intact. The divergence in fund flows suggests that investors are trying to strategically balance among different assets.
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