After strong inflows in the US spot Bitcoin ETFs in the first days of the year, the direction reversed and the ETFs recorded negative flows, albeit for a day. After net inflows exceeding $1.16 billion in the first two trading days of 2026, there was a total outflow of $243 million on Tuesday. On the price side, Bitcoin’s holding in the $92,000 range indicated that the market was seeking balance rather than a sharp sale. The moves of institutional investors were interpreted as portfolio adjustment rather than risk aversion.
Change in Direction in Spot Bitcoin ETFs
Spot Bitcoin ETFs traded on US exchanges turned negative again on the third trading day of 2026. According to SoSoValue data, the total net outflow of 243 million dollars was recorded as the first negative day of the year. Fidelity’s FBTC fund was at the center of the outflows, and there was an outflow of over $312 million alone. On the Grayscale front, significant amounts of dissolution were observed in both GBTC and Bitcoin Mini Trust funds. Ark & 21Shares and VanEck products also closed the day in minus.
In contrast, the IBIT ETF managed by BlackRock partially balanced the picture. There was a net inflow into IBIT of approximately $229 million on the same day, bringing the ETF’s total inflows in the first three trading days of 2026 to $888 million. Market experts agree that single-day outflows do not overshadow the strong demand at the beginning of the year.
Kronos Research CIO Vincent Liu emphasized that ETF outflows are not risk aversion, but post-entry normalization. According to Liu, institutions are not completely abandoning their positions but readjusting exposure. The fact that the Bitcoin price maintains its stability despite the outflows shows that the process points to a horizontal consolidation phase rather than a sharp dissolution.
There is a Tendency towards Altcoin ETFs
A similar assessment was shared by LVRG Research. Research director Nick Ruck described the move as a limited pullback and profit taking. According to Ruck, portfolio rebalancing should be seen as a natural extension of the purchases that accelerated at the beginning of the year.
Another noteworthy headline was the chart in altcoin ETFs. On the same day, spot Ethereum ETFs recorded net inflows of $114.7 million. Although there were exits in Grayscale and Fidelity products, the total figure remained positive. XRP and Solana ETFs also diverged positively, with inflows of $19 million and $9 million, respectively.
BTSE COO Jeff Mei stated that investors are looking for higher return potential on the Solana and XRP side. According to him, compared to previous peaks, the range of movement of these assets seems wider. Liu, on the other hand, stated that the limited amounts coming to Solana and XRP ETFs reflected early position adjustments rather than a large-scale capital shift.
