U.S. spot Bitcoin (BTC) ETFs have bled nearly $4.5 billion in net outflows across the first eight weeks of 2026, making it the most sustained period of institutional redemptions since the funds launched, according to SosoValue data.
The losses were concentrated in a five-week stretch from late January through late February, which alone erased roughly $4 billion from the 12-fund complex.
Only two weeks - the first and third of the year - logged net inflows, providing about $1.8 billion in partial offset.
Where the Money Went
BlackRock's iShares Bitcoin Trust (IBIT) has shed more than $2.1 billion during the five-week outflow run, its most sustained withdrawal period since debuting in January 2024.
Fidelity's Wise Origin Bitcoin Fund (FBTC) lost more than $954 million over the same window.
CryptoQuant analyst J.A. Maartun put cumulative Bitcoin ETF outflows at $8.3 billion from their October all-time high - the weakest period on record for the fund category. The broader ETF complex shed about $6.18 billion in net capital from November 2025 through January 2026 alone.
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Why It Matters
The outflow pattern coincides with a macro rotation away from risk assets. Gold and gold-themed ETFs attracted approximately $16 billion in inflows over the past three months, as macroeconomic uncertainty and a firming dollar drove capital toward traditional safe havens.
Bitcoin's price has fallen roughly 38.5% from its all-time high set less than four months ago, trading in the mid-$80,000 range at the time of writing.
CryptoSlate data showed that from November 2025 through January 2026, the spot Bitcoin ETF complex as a whole shed about $6.18 billion in net capital - the longest sustained outflow streak since these vehicles launched.
Bloomberg senior ETF analyst Eric Balchunas noted the structural picture remains historically stronger than early projections. Pre-launch industry estimates had forecast $5-15 billion in first-year inflows; actual totals far exceeded that, providing a higher baseline before the current correction began.
Still, whether the recent pace of redemptions reflects a temporary de-risking cycle or a longer-term recalibration of institutional appetite remains the central open question for Bitcoin's ETF-dependent demand structure in 2026.
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