U.S. spot bitcoin exchange-traded funds swung back to negative flows on Tuesday, logging $243 million in net outflows after more than $1.16 billion of inflows across the first two trading days of 2026.
Flows turn negative
SoSoValue data showed Tuesday marked the first day of net outflows this year for the group.
Fidelity’s FBTC led the day’s redemptions, with $312.24 million in net outflows.
Grayscale’s GBTC posted $83.07 million in outflows, and its Mini Trust saw another $32.73 million exit.
Ark & 21Shares and VanEck funds also reported net outflows.
IBIT stands out
BlackRock’s IBIT was the only spot bitcoin ETF to record net inflows on Tuesday.
IBIT took in $228.66 million on the day.
Across the first three trading days of 2026, IBIT has accumulated $888 million in net inflows, according to the report.
Analysts call it rebalancing
Vincent Liu, CIO of Kronos Research, said the move looked like normalization after early inflows.
Liu said:
“BTC ETF outflows look more like post-inflow normalization than risk-off.”
He added that institutions were “rebalancing exposure” and argued that one day of outflows did not negate the broader trend.
Nick Ruck, director of LVRG Research, also described the pullback as normal profit-taking and portfolio rebalancing.
