Key Insights
- Spot Bitcoin ETF recorded $6.8 million inflows on Jan. 26, data showed.
- BlackRock clients added $15.9 million, offsetting five days of sustained outflows.
- Glassnode data showed 30-day average flows stayed negative, signaling weak underlying demand.
Spot Bitcoin ETF flows turned positive on Jan. 26 after five consecutive days of outflows. Data showed $6.8 million in net inflows, marking a short-term reversal after a brutal week that erased $1.33 billion from U.S.-listed products. BlackRock led the buying, though broader demand indicators stayed weak.
The shift mattered because Bitcoin ETF flows had shown persistent selling pressure since mid-January. The brief return to green followed the second-largest weekly ETF exit on record, raising questions about whether buyers were returning or simply rebalancing positions.
BlackRock Buying Masks Broader Bitcoin ETF Weakness
According to a post by Coin Bureau, spot Bitcoin exchange-traded funds (ETF) recorded $6.8 million in inflows after five straight days of losses. BlackRock accounted for most of that activity, with its clients adding $15.9 million in a single session.
The buying offset redemptions across other issuers, limiting the net inflow figure. The move followed $1.33 billion in cumulative outflows during the prior week, the second-largest ETF exit since spot products launched in the United States.
That context framed the inflows as fragile. The data suggested selective allocation rather than broad-based conviction. BlackRock demand alone failed to reverse the larger trend that had pushed aggregate flows sharply negative.
Bitcoin ETF flows also reflected timing rather than directional bets. After heavy selling pressure, short-term inflows often follow as funds rebalance exposure or deploy capital tactically. The size of the inflow remained small relative to recent exits.
Glassnode Data Shows No Clear Demand Recovery
On-chain data reinforced the cautious picture. Glassnode reported that the 30-day simple moving average of net flows for both Bitcoin and Ethereum spot ETFs remained negative.
“ETF flows still show no renewed demand,” Glassnode noted in a Jan. 26 update. The firm said rolling averages continued to reflect sustained capital outflows despite isolated green days.
That metric carried more weight than daily prints. Short-term inflows often fail to shift medium-term flow structures, especially after prolonged selling. Glassnode’s data suggested investors had not meaningfully increased exposure through ETF vehicles.
The persistence of negative averages also aligned with broader market behavior. Bitcoin price action stayed range-bound, while derivatives markets showed muted leverage expansion. ETF demand historically strengthened during momentum phases, which remained absent.
Ethereum ETFs followed a similar pattern. Despite some daily inflows, rolling averages stayed negative, reinforcing the view that institutional demand remained selective rather than directional.
Broader Crypto ETF Market Posts Mixed Signals
Additional flow data highlighted the uneven nature of ETF demand. According to Bitcoinsensus, U.S. spot ETFs closed Jan. 26 with net inflows across multiple assets.
Bitcoin ETFs posted $6.84 million in inflows. Ethereum ETFs recorded $116.99 million, while Solana ETFs added $2.46 million and XRP ETFs saw $7.76 million.
The dispersion showed capital rotating rather than concentrating. Ethereum’s larger inflow contrasted with Bitcoin’s modest figure, suggesting portfolio diversification instead of a Bitcoin-specific risk-on shift.
The data also highlighted how ETF flows tracked short-term market structure. Assets with relative strength or event-driven narratives attracted flows, while broader risk appetite stayed constrained.
Importantly, none of the inflow figures approached the scale required to offset January’s cumulative losses. Daily prints remained small compared to billion-dollar weekly swings seen earlier in the month.
What Bitcoin ETF Flows Signal Next?
Bitcoin ETF flows now sat at an inflection point. Daily inflows offered short-term relief, but rolling averages continued to warn against over-interpreting the move.
For sentiment to shift decisively, sustained multi-day inflows would need to follow. That would require renewed conviction rather than issuer-specific buying. Until then, ETF activity looked tactical.
The next sessions mattered. A return to outflows would confirm Glassnode’s warning that demand remained absent. Continued inflows, even modest ones, could stabilize averages over time.
For now, Bitcoin ETF flows reflected caution. BlackRock buying provided support, but broader participation stayed thin. The data showed stabilization, not recovery.