U.S.-listed spot Bitcoin ETFs have entered a more fragile phase in late January 2026, with several flagship products recording sizable net outflows even as total ETF assets remain near record highs. Data from Amberdata shows that Bitcoin funds saw around 1.1 billion dollars in net outflows over the five trading days between January 20 and 26, led by products such as Fidelity’s Wise Origin Bitcoin Fund and the Grayscale Bitcoin Trust. At the same time, a smaller group of Ethereum-linked ETFs and diversified crypto products quietly attracted fresh capital, suggesting that some institutional investors are rotating from pure Bitcoin exposure into higher-beta or multi-asset strategies rather than exiting the asset class entirely. Analysts say this pattern fits a classic mid-cycle behavior where profit-taking in the largest, most liquid vehicle (Bitcoin) funds more speculative bets elsewhere, making ETF flow data one of the key indicators to watch for clues about the next big move in U.S. crypto markets.finance.