The week from January 19 to January 23, 2026 brought heavy redemptions across major crypto exchange-traded funds. Bitcoin spot ETFs saw the largest impact, registering $1.33 billion in net outflows over that stretch. Ether and XRP also recorded sizeable withdrawals, while Solana was the lone major asset class to post net inflows.
Record Outflows in Bitcoin ETFs
Bitcoin spot ETFs recorded $1.33 billion in net outflows from January 19 to January 23, marking one of the largest weekly exits on record. Losses were concentrated in the largest vehicles: BlackRock’s IBIT shed $537.49 million and Fidelity’s FBTC recorded $451.50 million in redemptions, while Grayscale’s GBTC lost around $172 million. For context on recent Bitcoin ETF moves, see the previous Bitcoin outflow coverage that examines earlier withdrawals and implications for holders.
Ether ETFs Face Heavy Redemptions
Ether spot ETFs posted $611.17 million in net outflows for the same week, with BlackRock’s ETHA accounting for $431.50 million of those redemptions. Other Ether products also experienced net withdrawals, reinforcing that selling stretched across multiple providers rather than a single fund. Readers seeking a broader view of ETF flows across coins can consult a recent crypto ETF roundup.
XRP ETFs Experience First Weekly Outflow
XRP ETFs recorded $40.64 million in net outflows, marking their first negative week since launch. Grayscale’s GXRP was the primary drag, losing more than $55 million and outweighing inflows elsewhere among XRP products. The shift tested early demand for XRP ETFs and highlighted how concentrated moves in one product can affect aggregate flows.
Solana ETFs Show Resilience
Solana ETFs were the notable exception, finishing the week with $9.57 million in net inflows. Contributions were led by Fidelity’s FSOL, which supplied a meaningful portion of that net increase and helped offset outflows in other Solana products. Overall, Solana stood out as a modest bright spot amid broad ETF redemptions.
Why this matters
For a miner operating anywhere from a single rig to several hundred units, ETF flows are a barometer of institutional demand rather than a direct driver of mining operations. Large outflows can reflect reduced institutional appetite, which may translate into wider price pressure and higher short-term volatility that affects coin payouts and balance-sheet decisions.
At the same time, not every ETF move changes on-the-ground conditions for miners in Russia: power costs, equipment efficiency and local grid rules remain the primary operational factors. Still, sharp institutional exits can shorten windows for selling mined coins at favorable levels, so miners should be aware of market flow headlines when planning cash management.
What to do?
- Monitor spot and futures flows alongside price moves: use ETF flow reports as one of several market signals before selling mined coins.
- Keep a liquidity buffer: if you operate multiple rigs, maintain reserves to cover a few weeks of expenses in case volatility forces less favorable sales.
- Stagger coin sales: avoid concentrating large coin sales during headline-driven outflow periods to reduce execution risk.
- Review power and operating costs regularly: ensure your break-even remains viable under short-term price swings caused by institutional flows.
- Follow reliable flow reports and fund disclosures rather than social media summaries to inform decisions about when to hold or sell.
FAQ
How large were Bitcoin ETF outflows? Bitcoin spot ETFs recorded $1.33 billion in net outflows from January 19 to January 23, 2026.
Which funds led the Bitcoin redemptions? BlackRock’s IBIT accounted for $537.49 million of the outflows, and Fidelity’s FBTC had $451.50 million in redemptions; Grayscale’s GBTC lost around $172 million.
What happened with Ether, XRP and Solana? Ether spot ETFs posted $611.17 million in net outflows, led by BlackRock’s ETHA with $431.50 million; XRP ETFs recorded $40.64 million in net outflows; Solana ETFs finished the week with $9.57 million in net inflows.
