Spot Bitcoin ETFs Lose $681M in First Week of 2026 as Risk Appetite Fades

Spot Bitcoin exchange-traded funds (ETFs) started 2026 with sharp outflows, shedding a combined $681 million over the first full trading week of the year.

According to data from SoSoValue, spot Bitcoin (BTC) ETFs recorded four consecutive days of net outflows between Tuesday and Friday, outweighing inflows earlier in the week. The largest daily redemption occurred on Wednesday, when products shed $486 million, followed by $398.9 million on Thursday and $249.9 million on Friday.

The reversal came after 2026 opened with brief strength. On Jan. 2, Bitcoin ETFs attracted $471.1 million, followed by another $697.2 million inflow on Jan. 5.

Spot Ether (ETH) ETFs followed a similar trajectory. On a weekly basis, spot Ether ETFs posted net outflows of approximately $68.6 million, ending the week with total net assets of around $18.7 billion.

Spot Bitcoin ETFs weekly flows. Source: SoSoValue

Macro uncertainty drives risk-off shift

Vincent Liu, chief investment officer at trading firm Kronos Research, pointed to macro uncertainty as the primary driver behind the pullback. He told Cointelegraph that shifting expectations around monetary policy and global risk were weighing on positioning.

“With Q1 rate cuts looking less likely and geopolitical risks rising, macro conditions have turned risk-off,” Liu said. “As traders wait for clearer positive signals, reduced risk appetite is spilling into crypto.”

Liu added that investors are now closely watching upcoming US Consumer Price Index data and Federal Reserve guidance for clues on when easing could resume. “Until clearer signals emerge, positioning is likely to remain cautious,” he added.

Morgan Stanley files for Bitcoin, Solana ETFs

Despite volatile market conditions, Morgan Stanley has filed with the US Securities and Exchange Commission to launch two spot crypto ETFs, one tracking Bitcoin and the other Solana (SOL).