In short
- US spot Bitcoin ETFs recorded net outflows of $243 million, driven by redemptions from Fidelity and Grayscale that exceeded BlackRock’s $228 million inflow.
- Analysts see the outflow as a short-term “tactical repositioning” and a normalization after January’s strong inflows, rather than a loss of conviction in the longer term.
- The market is showing selective strength, with spot Ethereum and Solana ETFs seeing inflows, while institutional Digital Asset Trust (DAT) activity has slowed to a cautious pace.
Bitcoin’s aggressive uptrend at the start of 2026 has slowed, leading to a liquidation wave on Tuesday and a net outflow of $243 million from US exchange-traded Bitcoin funds.
Flows were mixed, with BlackRock’s IBIT seeing inflows of $228 million, offset by outflows from several major issuers, according to SoSoValue. Fidelity’s FBTC led to redemptions of -$312 million, followed by Grayscale’s GBTC (-$83 million), and smaller outflows from VanEck and Ark Invest/21Shares.
The numbers come as Bitcoin has retreated from a weekly high above $94,000, falling 1.7% on the day to just over $92,000, according to CoinGecko data. Users of prediction market Myriad, owned by DeclutterParent company Dastan remains optimistic about its prospects, giving a 76% chance of the cryptocurrency’s next move taking it to $100,000 instead of $69,000.
Analysts see the shift as a tactical pause rather than a loss of conviction.
“The recent ETF outflows appear to be temporary rather than structural,” said Sergey Kravtsov, co-founder and CEO of Papaya Finance. Declutter. “What we are seeing is a tactical repositioning driven by near-term price action.”
This perspective is echoed by other market observers. “The recent outflows look more like a normalization after stronger inflows at the beginning of the year,” Illia Otychenko, chief analyst at CEX.IO, told me. Declutter.
He noted that selling pressure from tax loss harvesting has subsided in late 2025, but as Bitcoin consolidates, “ETF flows may look more chaotic in the near term than following a clear trend.”
Other corners of the market showed relative strength, underscoring the selective nature of the pullback. Spot Ethereum and Solana ETFs recorded inflows of $114.74 million and $19.12 million, respectively.
Meanwhile, Digital Asset Trust inflows, which stood at $2.159 billion at the end of December, have fallen to $296 million and $559 million over the past two weeks, according to DeFiLlama data.
This moderation reflects “prudence and not detachment,” Kravtsov said Declutter. Otychenko added that with many DATs trading near or below their intrinsic value, “investors’ beliefs remain fragile,” leading them to prefer holding cash as a cushion.
Looking ahead
Now that major overhangs such as the MSCI decision have been resolved, the macroeconomic backdrop for future rate cuts remains stable. Analysts see the current phase as consolidation within a certain range.
“In the near term, crypto remains fundamentally strong,” Kravtsov said, pointing to a “materially more mature” infrastructure compared to previous cycles. “This phase looks like consolidation before the next growth phase, and not a downturn,” he added.
Otychenko provided a technical framework for this view, noting that Bitcoin still trades between key on-chain metrics: the true average price and the short-term cost basis for the holder.
“A more decisive step will likely require a return of liquidity and stronger investor participation,” he concluded.
Daily debriefing Newsletter
Start every day with today’s top news stories, plus original articles, a podcast, videos and more.
