Spot Bitcoin ETFs bled $104 million on Jan. 23 (ET), marking a fifth straight day of net redemptions, while spot Ethereum ETFs recorded $41.74 million in outflows, their fourth day running, according to SoSoValue’s flow tallies . The same dataset showed modest rotation into some altcoin ETFs, with Solana spot products drawing about $1.87 million and XRP spot funds picking up $3.43 million.
The outflows come against a backdrop of subdued price action: Bitcoin has been treading water in the high-$80,000s, trading in a tight range just under $90,000 as investors weigh macro signals and near-term catalysts. Cryptocurrency market tickers showed BTC around $89,400–$89,800 on Jan. 24, with limited intraday volatility, underscoring a market that is hesitant to push decisively higher while ETF holders trim exposures.
Ethereum, which has had its own rollout of spot-ETF products and attention from institutions, was changing hands near $2,950–$2,960, roughly flat on the day but still sensitive to flows into and out of ETF wrappers that are intended to simplify institutional access to ether. Analysts say steady, multi-day outflows from big, convenient products can temporarily pressure on-exchange supply and weigh on near-term sentiment even if fundamentals remain intact.
ETF Rotation
Market watchers pointed to the scale of recent ETF withdrawals as notable. SoSoValue data, collated by market trackers, indicated U.S. spot Bitcoin ETFs saw cumulative weekly outflows that were the largest since November, a pattern some traders interpret as capitulation that can precede a short-term rebound once selling subsides. Others caution that outflows concentrated in large issuers on a single day reflect tactical rebalancing rather than a structural shift away from crypto exposure.
The flow divergence, Bitcoin and Ethereum losing ETF assets while smaller tokens like Solana and XRP attract modest inflows, signals a degree of rotation inside crypto portfolios. Solana’s ETF demand appears tied to optimism around its growing ecosystem and occasional short-term momentum trades, while XRP’s inflows could reflect increased confidence following ongoing legal and regulatory developments that have been dusting off overhangs from prior years. Priceboards showed Solana trading near $126–$128 and XRP around $1.90–$1.92 on Jan. 24.
Traders said the immediate watchlist includes U.S. macro cues, chiefly upcoming Fed commentary, and whether ETF flows stabilize or reverse. If outflows persist, that could sap risk appetite and keep the majors range-bound; if buying resumes, particularly into large ETF buckets, the market could see a quick squeeze higher given the still-relatively tight liquidity at the top of the market cap ladder. For now, the market is trading cautiously, with investors parsing whether the recent withdrawals are a brief wobble or the start of a larger rebalancing.
