The U.S. spot Bitcoin exchange-traded funds (ETFs) saw a significant drop in performance during the week ending January 23, 2026, recording $1.33 billion in net outflows. This marks the worst performance for these funds since February 2025. The four-day trading week, shortened due to the Martin Luther King Jr. Day holiday, showed a sharp contrast from the prior week when the same funds recorded $1.42 billion in inflows.
The largest single-day exit occurred on Wednesday, when $709 million was withdrawn from Bitcoin ETFs. This was followed by $483 million in outflows on Tuesday. The outflows slowed toward the end of the week, with Thursday and Friday seeing much smaller redemptions of $32 million and $104 million, respectively. Despite this downturn, the total net assets for Bitcoin ETFs remain strong at $115.9 billion, and the cumulative net inflows since their January 2024 launch stand at $56.5 billion.
Among the funds seeing significant outflows was BlackRock’s IBIT, the largest spot Bitcoin ETF by assets. IBIT recorded outflows every trading day last week, with the largest redemptions occurring on Tuesday and Wednesday.
As of January 2026, IBIT holds around $69.75 billion in net assets, representing nearly 4% of Bitcoin’s total supply. While IBIT’s outflows were a major factor in the overall decline, the fund continues to be a dominant player in the Bitcoin ETF space.
Despite the recent setbacks, Bitcoin ETFs have experienced strong cumulative inflows since their inception in early 2024. According to SoSoValue data, these ETFs have seen $56.5 billion in net inflows to date. This ongoing growth signals that the long-term appeal of Bitcoin ETFs remains intact, despite short-term volatility.
Ethereum ETFs mirrored the performance of Bitcoin ETFs, seeing $611 million in net outflows during the week. Like Bitcoin, Ethereum saw the worst outflows on Wednesday, with $298 million redeemed.
The trend reversed from the previous week, when Ethereum ETFs recorded $479 million in net inflows. Total net assets for Ethereum ETFs now stand at approximately $17.7 billion, with cumulative net inflows of $12.3 billion since their launch in July 2024.
Ethereum’s struggles reflect broader trends in the cryptocurrency space, where investor sentiment appears to be shifting. On-chain data suggests that Bitcoin holders have moved from a “profit-taking” phase to a “loss-realization” phase. This shift could explain the outflows observed in Bitcoin and Ethereum ETFs, as investors take profits or cut losses.
While Bitcoin and Ethereum ETFs struggled, Solana ETFs continued to show resilience. Spot Solana ETFs saw inflows of $9.6 million during the week, extending a positive streak for multiple consecutive weeks. Solana ETFs, such as Bitwise’s BSOL, have attracted increasing interest, with BSOL leading in assets under management within this category.
On the other hand, XRP ETFs posted a more mixed performance. Despite seeing a $53 million outflow on Tuesday, XRP ETFs managed to recover slightly with smaller inflows of $7 million to $3 million on subsequent days. These movements reflect ongoing market uncertainty and investor caution within the broader cryptocurrency space.
The outflows in Bitcoin and Ethereum ETFs highlight a shift in market sentiment, where investors are now more cautious amid broader macroeconomic pressures. As the market transitions from a phase of profit-taking to loss-realization, the future performance of these funds may depend on the recovery of investor confidence in cryptocurrencies.
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