Spot Bitcoin, Ether ETFs See Outflows Amid Macro Caution
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Spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) saw substantial redemptions on Tuesday as macroeconomic and geopolitical uncertainty weighed on risk assets. Spot Bitcoin ETFs recorded $483.4 million in net outflows, led by the Grayscale Bitcoin Trust ETF (GBTC) at $160.8 million and the Fidelity Wise Origin Bitcoin Fund (FBTC) at $152 million, according to data from SoSoValue. Spot Ether ETFs posted $230 million in net outflows, ending a five-day streak of positive flows, with BlackRock’s ETHA seeing $92.3 million in withdrawals. Spot XRP (XRP) ETFs registered their largest single-day outflow to date at $53.3 million, while Solana (SOL) ETFs saw $3 million in net inflows.
“ETF outflows point to institutional caution amid geopolitical trade tariffs and broader risk-off sentiment,” said Vincent Liu, chief investment officer at trading firm Kronos Research. “Japan’s bond sell-off and rising JGB yields are tightening global liquidity and pressuring risk-on assets,” he added.
Macro headwinds pressure crypto markets
The ETF withdrawals coincided with broader weakness across digital assets, with Bitcoin falling below $89,000 after topping $97,000 last week and Ether trading under $3,000. Analysts linked the downturn to persistent macro pressures, including U.S.-EU trade tensions over Greenland and panic selling of Japanese government bonds, which strained global liquidity and risk assets.
“Traders are watching for macro updates on trade tariffs, with attention turning to U.S. Initial Jobless Claims on Thursday, Jan. 22 (8:30 AM). A weaker print could reinforce growth concerns and risk-off sentiment,” Liu said.
Despite Bitcoin’s recent decline, larger holders continued to accumulate. Wallets holding between 10 and 10,000 BTC added roughly 36,300 coins over the past nine days, while addresses with less than 0.01 BTC trimmed balances, according to Santiment.
Bitcoin whales add more coins. Source: Santiment.
Short-term whale cohorts increasingly steer Bitcoin’s direction
Control over Bitcoin’s market direction has shifted toward short-term whale holders, based on data shared by CryptoQuant analyst I. Moreno. For the first time on record, “new whales” — short-term holders controlling more than 1,000 BTC with coins held for less than 155 days — now account for a larger share of Bitcoin’s Realized Cap than long-term, cycle-tested whales. Realized Cap values coins based on their last on-chain movement, providing a clearer view of who influences Bitcoin’s marginal supply.
Bitcoin realized cap. Source: CryptoQuant.
“Control has moved from experienced, cycle-tested holders to capital that entered late in the trend,” Moreno wrote, noting that this shift has direct implications for market behavior.
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