Spot Bitcoin ETFs entered 2026 on an unstable footing as investors pulled capital from crypto-linked exchange traded funds amid rising macro uncertainty. After a brief burst of optimism at the start of the year, flows reversed sharply, signaling a cautious shift in market positioning.
Data from SoSoValue shows that spot Bitcoin ETFs recorded combined net outflows of $681 million during the first full trading week of 2026. The withdrawals followed a short-lived inflow phase that failed to hold as broader risk sentiment deteriorated.
The selling pressure was concentrated over four consecutive sessions from Tuesday through Friday. Wednesday marked the heaviest single-day redemption, with products shedding $486 million. Outflows continued on Thursday with $398.9 million leaving the market, followed by another $249.9 million on Friday. These redemptions outweighed earlier inflows recorded at the start of the week.
The reversal came quickly after early January strength. On January 2, spot Bitcoin ETFs attracted $471.1 million, followed by an additional $697.2 million inflow on January 5. That momentum, however, proved fragile as macro conditions shifted and traders reduced exposure across risk assets.
Spot Ether ETFs followed a similar pattern, though on a smaller scale. Weekly data shows net outflows of around $68.6 million, leaving total net assets near $18.7 billion by the end of the week. The parallel movement suggests the pullback was driven more by macro positioning than asset-specific developments.
Macro uncertainty weighs on Bitcoin ETF flows
Market participants point to shifting expectations around interest rates and global risk as the main forces behind the sudden change in flows. Vincent Liu, chief investment officer at Kronos Research, said uncertainty around monetary policy and geopolitics has pushed investors into a defensive stance.
Liu noted that expectations for rate cuts in the first quarter have weakened, while geopolitical tensions remain elevated. As a result, risk appetite has declined, and that caution is spilling over into crypto markets, including spot Bitcoin ETFs listed on regulated platforms such as Gemini-linked products.
Investors are now watching upcoming US Consumer Price Index data and Federal Reserve guidance for clearer signals on policy direction. Until inflation trends and central bank messaging provide more certainty, positioning is expected to remain conservative.
Despite the volatile backdrop, institutional interest in regulated crypto products continues to expand. Morgan Stanley has filed with the US Securities and Exchange Commission to launch two spot crypto ETFs, one tracking Bitcoin and another tracking Solana. The filing highlights ongoing demand for compliant crypto exposure, even during periods of market stress.
The move followed a separate step by Bank of America, which recently allowed advisers within its wealth management divisions to recommend exposure to selected Bitcoin ETFs. Together, these developments suggest that while short-term flows may fluctuate, long-term infrastructure around spot Bitcoin ETFs continues to deepen.
As 2026 unfolds, the direction of Bitcoin ETF flows is likely to remain closely tied to macro data, rate expectations, and investor confidence in risk assets rather than crypto-specific narratives alone.
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