Bitcoin Spot ETFs: Worst Bearish Streak Ever?

Exchange-traded funds on spot Bitcoin in the U.S. are logging their third month of negative inflows in a row. While the situation can change in January, the segment is meeting its second anniversary in pessimism.

Bitcoin (BTC) spot ETFs: Third red month in a row?

The segment of Bitcoin spot ETFs inches closer to its third consecutive month in the red. In the first 10 days of January, investors withdrew $210 million from spot BTC ETFs, SoSoValue data says.

Previously, the longest bearish streak here lasted two months, in February-March 2025, when cryptocurrency investors reduced the TVL of Bitcoin spot ETFs by a monstrous $4.2 billion in just 60 days.

The ongoing trend is already more devastating: in November-December 2025 and 10 days of January 2026, spot Bitcoin ETF owners pulled out $4.7 billion in liquidity.

The USD-denominated AUM of the entire segment is almost where it was one year ago. In mid-January 2025, the total value injected in spot BTC ETFs was estimated at $107 billion, while today it is about $116 billion.

At its peak registered just before the Oct. 10 crypto flash crash, the segment exceeded $166 billion in valuation.

Are we in "cute bear market"?

Bitcoin (BTC), the largest cryptocurrency and the underlying asset of spot BTC ETFs, dropped from $94,000 to $90,500 in the last 12 months.

As Bitcoin (BTC) for the first time in history closed a post-halving year with a red candle, more and more analysts are signaling a bear market start.

CryptoQuant CEO Ki Young Ju meanwhile predicts this recession to be more forgiving compared to the 2018-2019 and 2021-2022 Crypto Winters.

Net capitalization of the cryptocurrency market dropped from $3.6 trillion to $3.2 trillion in the last year, hitting an ATH over $4.3 trillion Oct. 7, 2025.