Bitcoin ETF and Ethereum ETF face capital outflows, and investor fund flows are changing.

The US spot cryptocurrency asset ETF market has recently shown a clear divergence. According to the latest market data, since last Tuesday, Bitcoin spot ETFs and Ethereum spot ETFs experienced a net outflow of over $1 billion within just three days, breaking the upward momentum seen earlier this year.

Mainstream ETFs Under Pressure, Capital Flows Reverse

Specifically, Bitcoin spot ETFs saw a net outflow of $1.13 billion from Tuesday to Thursday, completely offsetting the $1.17 billion net inflow accumulated over two trading days in early January. The situation for Ethereum spot ETFs is similarly bleak, with approximately $258 million flowing out since Wednesday. The crypto exchange-traded product (ETP) market also faced pressure during the Christmas holiday period, with a single-day outflow of $446 million on December 29.

Market Sentiment Fluctuations Drive Portfolio Adjustments

From a long-term trend perspective, after reaching a peak of net inflows in July 2025, Bitcoin and Ethereum spot ETFs began to lose momentum. Entering the fourth quarter, especially the market correction in October triggered risk reassessment among investors, leading to continued redemption waves in November and December.

Capital Flows Shift Toward Emerging Crypto Assets

In stark contrast, spot ETFs tracking XRP and Solana performed quite differently. Despite the outflows from mainstream crypto asset ETFs, these newly launched products continued to attract capital, indicating that investors are starting to diversify away from traditional Bitcoin and Ethereum investments, seeking more specific opportunities amid market volatility. This phenomenon reflects that institutional and professional investors are re-evaluating the options available for Bitcoin ETFs and Ethereum ETFs, actively adjusting their risk exposure.

The market divergence trend indicates that crypto asset investments are gradually becoming more refined and diversified.