The month of January 2026 saw a dramatic shift in the behavior of exchange-traded fund (ETF) investors. After months of record-breaking inflows, spot Bitcoin ETFs recorded net outflows exceeding $3 billion. This suggests that institutional participants who entered the market late in the 2025 cycle are trimming their exposure in response to shifting macroeconomic conditions. Analysts at major banks believe these outflows have been a primary driver of the recent price weakness. The market is now looking for a "neutral point" where these outflows subside, which would allow organic buying pressure to take control again.

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