#密码资产动态追踪 2026 marks the beginning of the year, and Bitcoin spot ETF has played out a major capital drama.

In the first two trading days, investors indeed responded positively—net inflows exceeded $1 billion, and the entire market was filled with optimism. But over the next three trading days, the sentiment suddenly shifted. Funds started to withdraw, with a total net outflow of $1.128 billion over three days, almost wiping out the $1.16 billion net inflow at the beginning of the month, making the year-to-date capital flow look as if there was no growth.

What does this back-and-forth tell us? Simply put, the initial optimism at the start of the year was harshly cooled by reality. The true attitude of institutional investors has been fully exposed—they are not bullish, but watching. It’s important to note that the capital flow of BTC ETFs has always been a barometer of institutional sentiment. Now that inflows are weak, it’s like saying: we’re not in a rush to add positions, let’s wait and see.

What’s even more concerning is the macro environment. U.S. employment data and the Supreme Court rulings are both approaching, and the market has entered a sensitive window. With increased uncertainty, funds are becoming more cautious. Price volatility before this weekend is likely to continue for a while longer, and the story of the crypto market’s start to the year is far from over. $ETH