Bitcoin exchange-traded funds are facing another rough session, with investors continuing to pull money out for a fifth day in a row.
On January 23, Bitcoin spot ETFs recorded $103.57 million in net outflows, extending a selling streak that has now drained $1.72 billion from these products since January 16. The continued redemptions have pushed total assets under management down to $115.88 billion, from $124.56 billion just a week earlier.
Overall investor confidence has clearly softened. Cumulative net inflows into Bitcoin ETFs slipped to $56.49 billion, down from $57.82 billion over the same period. Trading activity has also slowed, with daily volume falling to $3.36 billion on January 23 from $5.51 billion two days earlier.
Among fund providers, BlackRock’s IBIT stood out as the main source of selling pressure, recording $101.62 million in outflows. Fidelity’s FBTC followed with a smaller $1.95 million in redemptions. All other major Bitcoin ETFs showed no movement for the day, including products from Grayscale, Bitwise, Ark & 21Shares, VanEck, Invesco, Valkyrie, Franklin, WisdomTree, and Hashdex.
Despite the recent weakness, BlackRock’s IBIT still leads the market with $62.90 billion in cumulative inflows, while Fidelity’s FBTC has attracted $11.46 billion since launch. Grayscale’s GBTC, however, continues to reflect long-term pressure, sitting at -$25.58 billion in net outflows since its conversion from a trust.
The current wave of selling began on January 16, when ETFs saw $394.68 million exit the market, ending a strong four-day run that had brought in $1.81 billion. After the weekend break, redemptions resumed on January 20 with $483.38 million leaving funds. The biggest hit came on January 21, when outflows surged to $708.71 million, followed by $32.11 million on January 22.
Meanwhile, Ethereum ETFs are also feeling the pressure. On January 23, spot Ether funds posted $41.74 million in net outflows, marking their fourth straight day of redemptions. Over the four-day stretch from January 20 to January 23, Ethereum ETFs have lost a combined $611 million.
BlackRock’s ETHA led Ethereum withdrawals with $44.49 million, while Grayscale’s ETHE recorded $10.80 million in outflows. A few funds managed to attract fresh capital, including Grayscale’s mini ETH trust with $9.16 million and Fidelity’s FETH with $4.40 million in inflows. Several others reported no activity.
Ethereum ETF assets have now dropped to $17.70 billion, from $20.42 billion on January 16. Cumulative inflows slipped to $12.30 billion, while daily trading volume fell to $1.31 billion from $2.20 billion earlier in the week.
With both Bitcoin and Ethereum ETFs under pressure, the recent sell-off has erased much of the momentum seen in mid-January, raising fresh questions about short-term institutional appetite for crypto funds.
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