The year 2026 began robustly for Bitcoin Exchange-Traded Funds (ETFs), but early optimism quickly faded. Continuous outflows over three consecutive days wiped out nearly all gains made by spot Bitcoin ETFs in the United States at the beginning of the month. Concerns about institutional investor directions have intensified the pressure on Bitcoin prices. The market has shifted to a more cautious stance ahead of upcoming macroeconomic data releases.
Bitcoin ETFs: From Inflows to Rapid Outflows
In the first two trading days of 2026, 11 spot Bitcoin ETFs listed in the U.S. saw a total net inflow of over $1 billion. This movement was interpreted as a revival of risk appetite, reinforcing perceptions of strengthening institutional demand. However, this scenario did not last long. The following three trading days experienced net outflows totaling $1.128 billion from these ETFs.
According to Farside Investors, the three-day outflow sequence nearly nullified the early-year net inflow of $1.16 billion, shifting the outlook for Bitcoin ETFs from a strong upward trajectory to a more balanced stance. Market professionals emphasize that this appearance suggests short-term portfolio rotations rather than long-term positioning.
Vikram Subburaj, CEO of the India-based Giottus exchange, remarked that the ETF flows paint a tactical picture. The limited outflows following significant inflows reflect temporary directional shifts more than a strong belief in buying. The cautious stance on the institutional front has weakened early-rise expectations for Bitcoin.
Macroeconomic Pressure on Bitcoin Prices
The outflows from ETFs have highlighted a risk-averse trend in the cryptocurrency market. After testing above $94,600 at the week’s start, Bitcoin’s price fell to the $90,000 level, even dipping below $89,300 during intraday trading. During this time, indices focused on memecoins and DeFi also retracted from their weekly peaks.
Market volatility is expected to increase following the announcement of the U.S. monthly employment data and the Supreme Court’s decision on tariffs. The non-farm employment data for December is anticipated to indicate the creation of 55,000 new jobs in the U.S. economy. This figure falls below the 64,000 job increase in November 2025 and the 12-month average. The unemployment rate is projected to decrease to 4.5%, with average hourly earnings rising by 3.6% year-on-year.
According to Nexo Dispatch analyst Iliya Kalchev, a softer employment scenario could support risky assets, while robust data might constrain the crypto market to a narrow trading range until the end of the week. Despite being heralded as digital gold, Bitcoin’s historical high correlation with Nasdaq underscores the significance of macroeconomic data impacts.
