Bitcoin ETFs recorded a total outflow of $11.28 billion over three consecutive trading days, nearly offsetting the net inflows recorded in the first two trading days of 2026.
Ethereum ETFs also recorded two consecutive days of net outflows. Meanwhile, major altcoin ETFs saw new fund inflows on January 8.
Bitcoin ETF activity reversed direction
According to SoSoValue data, spot Bitcoin ETFs are expected to remain weak by the end of 2025. The outflow in November reached $34.8 billion, the second-highest monthly outflow on record, slightly below the $35.6 billion recorded in February. In December, selling pressure eased slightly, with net outflows amounting to $10.9 billion.
At the beginning of the year, upward momentum returned. Bitcoin ETFs saw $471.14 million in net inflows on January 2 and an additional $697.25 million on January 5. This was the largest daily inflow in the past three months. Combined over two trading days, the total inflow reached $1.17 billion.
However, sentiment quickly reversed. On January 6, there was a $243.24 million outflow, followed by $486.08 million on January 7, marking the largest outflow since November 20.
On January 8, another $398.95 million flowed out. Thus, the total outflow over three trading days reached $11.28 billion.
"Risk appetite is clearly cooling down, with investors pulling funds out of Bitcoin-related assets," Coin Bureau noted.
BlackRock's IBIT recorded $193.34 million in net outflows, and Fidelity's fund also saw $120.52 million in outflows. ETFs from Ark & 21Shares and Grayscale also recorded net outflows. In contrast, WisdomTree's Bitcoin ETF maintained a slight inflow, while other products saw no net inflows or outflows.
Spot Ethereum ETFs also mirrored Bitcoin's movement, recording $159.17 million in net outflows on January 9 (Thursday), following a $98.45 million outflow the previous day.
On the other hand, a new altcoin ETF showed relative strength. The XRP ETF rebounded, recording $87.2 million in net inflows on Thursday, recovering from the previous day's $400.8 million outflow. The Solana ETF has seen inflows for eight consecutive trading days, adding $136.4 million on Thursday.
Upcoming US tariff trial, critical juncture for Bitcoin
The slowdown in ETF demand coincides with weak Bitcoin prices. The largest cryptocurrency declined 1.3% from Monday and is currently trading at $9,360. It has seen a modest 0.38% increase over the past 24 hours.
Market analyst Ted Pillows stated that Bitcoin is currently trading in an unsuitable zone. According to Pillows,
"Bitcoin will either recover above $92,000 or fall to around $88,000 to fill the CME gap—either scenario seems likely."
In another post, the same individual mentioned the possibility of the market determining its direction today. Investors are focusing on the U.S. court's ruling regarding Trump's tariffs. Although the Supreme Court is not obligated to rule, today has been designated as the 'decision day' for precedent-setting rulings, and the tariff lawsuit may also be subject to a public verdict, increasing such speculation.
Polymarket participants expect a court ruling against tariffs with approximately a 75% probability. If so, the Treasury Department may be required to refund importers between $13.3 billion and $14 billion.
This movement could bring volatility to cryptocurrency, stock, and bond markets. However, some analysts have pointed out the possibility that this could be a signal of a bottoming out.
"If the Supreme Court abolishes Trump's tariffs today, Bitcoin and cryptocurrencies are likely to reach a local bottom. The abolition of tariffs would reduce uncertainty. Costs would decrease, profit expectations would improve, and the market would regain confidence. This typically marks the timing for a rebound in risk assets," said Master of Crypto.
Overall, the rapid reversal in fund flows into Bitcoin ETFs indicates growing caution among investors. At the same time, stable demand for certain altcoin-related products continues. With the possibility of a court ruling on tariffs in the U.S., market participants are closely watching developments. In the near term, price movements are expected to become even more sensitive to macro factors.
