Spot Bitcoin (CRYPTO:BTC) ETFs opened 2026 with heavy selling pressure, recording a combined $681 million in net outflows during the first full trading week of the year.
The outflows marked a sharp reversal from early January inflows, signalling a shift in investor sentiment as broader risk appetite weakened.
Data from SoSoValue showed that spot Bitcoin ETFs posted four consecutive days of net redemptions between Tuesday and Friday.
The largest single-day outflow occurred on Wednesday, when investors pulled approximately $486 million from the products.
Selling pressure continued on Thursday with a further $398.9 million in outflows, followed by $249.9 million on Friday.
These losses outweighed strong inflows earlier in the week that had briefly lifted optimism around spot Bitcoin ETFs.
On January 2, spot Bitcoin ETFs attracted $471.1 million in net inflows, suggesting renewed interest at the start of the year.
Another $697.2 million flowed into the products on January 5, before sentiment quickly reversed.
The abrupt change reflected growing caution across markets as expectations for near-term US interest rate cuts faded.
Rising geopolitical tensions also contributed to a broader move into defensive, risk-off positioning among investors.
Spot Ether ETFs mirrored the trend seen in Bitcoin-linked products during the same period.
On a weekly basis, spot Ether ETFs recorded net outflows of around $68.6 million.
Despite the withdrawals, total net assets held by spot Ether ETFs remained near $18.7 billion by the end of the week.
Vincent Liu, chief investment officer at trading firm Kronos Research, attributed the pullback to increasing macroeconomic uncertainty.
With Q1 rate cuts looking less likely and geopolitical risks rising, macro conditions have turned risk-off.
Liu said.
He added that reduced risk appetite in traditional markets was spilling over into crypto positioning.
Liu noted that traders are closely watching upcoming US Consumer Price Index data and guidance from the Federal Reserve.
Until clearer signals emerge, positioning is likely to remain cautious.
Liu said.
Despite short-term volatility, institutional interest in crypto ETFs continues to expand.
Morgan Stanley has filed with the US Securities and Exchange Commission to launch two spot crypto ETFs tracking Bitcoin and Solana.
The filing followed a move by Bank of America to allow advisers in its wealth management units to recommend exposure to selected Bitcoin ETFs.