Bitcoin ETFs see first net inflow after five days of losses 

• U.S. spot bitcoin ETFs posted $6.8m net inflows after five days of outflows near $1.72b; IBIT added $15.9m and Grayscale Mini $7.7m.
  BITB saw $11m out, FBTC $5.7m, and ARKB $2.9m.
• Bitcoin traded around $87,815, down 0.4% on the day; recent declines were 2.5% weekly, 5.8% fortnightly, and 11.9% yearly.
  An analyst highlighted a support area between $85,000 and $90,000.

U.S. spot bitcoin etfs recorded a small net inflow of $6.8 million yesterday, breaking a five-session stretch in which the products posted withdrawals totaling almost $1.72 billion. The shift in flows arrived as Bitcoin continued to trade lower on the day, extending a period in which price performance has been weak across several time frames.

Bitcoin ETFs flows reverse after a week of withdrawals

Data from Farside Investors showed that the latest net inflow was driven by gains in a few large funds while several others continued to see money leave. BlackRock’s iShares Bitcoin Trust ETF (IBIT) led the day with $15.9 million in inflows. Grayscale Bitcoin Mini Trust ETF (BTC) followed with $7.7 million added.

At the same time, outflows were recorded in a number of other U.S. spot bitcoin etfs. Bitwise’s Bitcoin ETF (BITB) reported $11 million leaving the fund, and Fidelity’s Wise Origin Bitcoin Fund (FBTC) posted $5.7 million in outflows. ARK 21Shares Bitcoin ETF (ARKB) also ended the day lower, losing $2.9 million in assets.

The net inflow came after a difficult run for the group. Over the prior five trading days, the products had collectively given back almost $1.72 billion. The selling included a particularly large day last Wednesday, when outflows reached $708.7 million, according to the figures cited.

Price movement and the broader market backdrop

The change in bitcoin etfs flows did not coincide with a rise in Bitcoin’s price on the day. CoinGecko data put Bitcoin down 0.4%, trading around $87,815 at the time referenced. The price action also followed longer declines: Bitcoin was down 2.5% over the past week, 5.8% over the past fortnight, and 11.9% over the year.

David Morrison, a senior analyst at Trade Nation, described the inflow as meaningful given the recent pattern. He said the ETF reversal was “a positive sign” after repeated outflows that matched Bitcoin’s selloff over the past fortnight. Morrison told Decrypt that there has been “considerable disappointment” tied to Bitcoin not building on what he characterized as a positive start to 2026.

Still, he suggested conditions could look better if bitcoin etfs continue to take in money in the coming days. Morrison also noted a counterargument, saying bearish observers might view Monday’s inflow as “little more than a rounding error.” Even so, he pointed to a price area that has held so far, describing Bitcoin as trading within a “relatively large support band stretching from around $85,000 up to $90,000.”

Morrison raised another concern about how Bitcoin has been behaving relative to other markets. He said Bitcoin does not appear to be reacting, at least for now, to a recent rise in U.S. equities and similar assets. He also pointed to stock markets around the world sitting at record highs as earnings season approaches, suggesting the usual “risk-on” connections may not be providing a clear boost for crypto.

In his view, Bitcoin may need time to settle into a tighter range before any sustained advance. He said traders are no longer relying on equities as a key risk-on signal for crypto. Instead, Morrison argued that Bitcoin’s strongest link is currently to the U.S. dollar.

The dollar link and what Morrison is watching next

Morrison said the U.S. Dollar Index has moved down and is now close to its sub-96.00 lows from September. He added that those September levels marked a three-and-a-half year low for the Dollar Index. He suggested that if the dollar continues to weaken, Bitcoin could be pulled lower as well. At the same time, he said such a move might also help create a bottom from which both the dollar and Bitcoin could later rebound.

Looking ahead, Morrison outlined a scenario in which a quick move higher in the dollar could support Bitcoin. He said a “snap higher” in the dollar might help lift Bitcoin and allow it to move above the highs from mid-January. For now, the latest day of net inflows into bitcoin etfs stands as a break from the recent pattern, even as Bitcoin’s price remains under pressure around the levels cited.

Conclusion

U.S. spot bitcoin etfs ended a five-day run of net withdrawals by posting $6.8 million in inflows yesterday, with IBIT and Grayscale’s Bitcoin Mini Trust leading gains while BITB, FBTC, and ARKB saw outflows. Bitcoin traded around $87,815 and was down across weekly, fortnightly, and yearly windows. David Morrison said the flow reversal is a positive sign, but he also pointed to the $85,000 to $90,000 support range and a stronger correlation with the U.S. dollar as key factors to watch next.

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