Bitcoin exchange-traded funds have experienced sharp swings at the start of 2026, even as investor money has poured into traditional ETFs at an unusually rapid pace, leaving crypto-focused funds trailing behind.
U.S.-listed spot Bitcoin ETFs recorded $753 million in inflows on Tuesday, marking a second straight day of gains after a four-day stretch of outflows, according to data from Farside Investors. Despite the recent rebound, total net inflows into Bitcoin ETFs have reached just $660 million so far this year, highlighting uneven and fragile demand.
In contrast, traditional ETFs attracted a massive $46 billion in the first six trading days of 2026. Eric Balchunas, an ETF analyst at Bloomberg, described the pace as “abnormally high” for the start of the year, noting that flows are running at roughly four times the typical monthly average.
The divergence suggests that while investors are actively deploying capital, they currently favor traditional asset-backed funds over crypto ETFs, which are still viewed as carrying higher risk.
Bitcoin ETF demand has cooled notably over the past six months. Monthly net inflows peaked near $6 billion in July 2025, before swinging to $1.09 billion in net outflows in December, according to data from SoSoValue.
Other crypto ETFs have shown more resilience. Spot Ether ETFs attracted $130 million in inflows on Tuesday and have accumulated $240 million in net inflows so far this year, based on Farside Investors data. Meanwhile, spot Solana ETFs extended their winning streak, posting $67 million in net inflows since the start of 2026.
Bitcoin treasury firms help offset weak ETF demand
While softer ETF demand could weigh on Bitcoin prices, on-chain data indicates that corporate buyers are stepping in to absorb supply. Corporate digital asset treasuries added a net 260,000 Bitcoin over the past six months, far exceeding the estimated 82,000 coins mined during the same period, according to Glassnode. This translates to average monthly corporate Bitcoin purchases worth roughly $25 billion.
By contrast, so-called “smart money” traders have largely maintained a bearish stance. Data from Nansen shows net short positions of about $122 million in Bitcoin derivatives. These traders are broadly positioned for declines across most major cryptocurrencies, with notable exceptions including Ether, XRP, Pump.fun’s PUMP token and Zcash.
