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

Spot bitcoin exchange-traded funds (ETFS) started 2026 with a strong flow, opening a combined $1,681 million during the first full trading week of the year.

Spot Bitcoin (BTC) ETFs recorded four consecutive days of net outflows between Tuesday and Friday, according to data from Sosovalu, which outpaced inflows earlier in the week. The largest daily withdrawal occurred on Wednesday, when products fell by $486 million to $8,398.9 million on Thursday and $9,249.9 million on Friday.

The upside opened after 2026 with short strength. On January 2, Bitcoin ETFs attracted $471.1 million, followed by another $7,697.2 million on January 5.

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

Related: Bitcoin has 90K as ETFS bubble and institutions

Macro uncertainty drove the risk-off shift

Vincent Liu, chief investment officer at trading firm Kronos Research, pointed to macro uncertainty as the primary driver behind the pullback. Changing expectations around monetary policy and global risk are weighing on the position, he told QuantitalGraph.

“The likelihood of a Q1 rate cut is low and with geopolitical risks on the rise, macro conditions are risk-averse,” Liu said. “As traders wait for clear positive signals, low risk appetite is spreading across crypto.”

Liu added that investors are now closely watching upcoming U.S. consumer price index data and Federal Reserve guidance on when easing may resume. “Until clear signals emerge, the positioning is likely to remain cautious,” he added.

Related: Greyscale farm trusts linked to potential BNB and hype ETFs

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).