Bitcoin ETF Gains Evaporate as Market Anticipates Key Data

As 2026 launched with promise for Bitcoin ETFs, hopes dwindled just as quickly. Three consecutive days of outflows nearly erased initial gains by spot Bitcoin ETFs in the United States earlier in January, sparking concern over the stance of institutional investors. With critical macroeconomic data on the horizon, the market has adopted a more careful approach, impacting Bitcoin’s price trajectory.

Will Early Gains Last?

At the onset of 2026, U.S. markets witnessed an impressive net inflow of over $1 billion into 11 spot Bitcoin ETFs during the year’s first two trading days, instilling confidence in growing institutional demand. However, this optimism was short-lived. In the subsequent three trading days, net outflows amounted to $1.128 billion, effectively negating earlier inflows.

Farside Investors highlighted how this rapid outflow essentially reset early gains, changing the bullish outlook for Bitcoin ETFs to a more neutral position. Experts suggest that these movements reflect short-term strategies rather than significant long-term commitments.

“The ETF flows offer a tactical narrative, with modest outflows following hefty inflows signifying brief directional changes rather than a solid buy conviction,” stated Vikram Subburaj, CEO of Giottus exchange.

How Will Economic Indicators Affect Bitcoin?

The withdrawal trend from ETFs has spotlighted a newfound caution within the cryptocurrency sphere. Bitcoin, having briefly surpassed $94,600, receded to $90,000, even dipping below $89,300. Similar retractions were seen among indices tracking memecoins and DeFi, signaling heightened risk aversion.

Anticipations are running high as the market awaits U.S. monthly employment data and a Supreme Court ruling on tariffs. Predictions suggest the U.S. economy added 55,000 jobs in December, down from November’s 64,000, while the unemployment rate is expected to fall to 4.5%, with annual wage growth at 3.6%.

Iliya Kalchev from Nexo Dispatch noted that weaker employment data could strengthen risky assets, whereas strong figures might restrict Bitcoin and other cryptocurrencies to a narrow trading range. Despite its nickname as digital gold, Bitcoin’s close correlation with Nasdaq proves the influence of macroeconomic indicators.

Key conclusions are as follows:

• Initial Bitcoin ETF inflows exceeded $1 billion, suggesting reinforced institutional interest.
• Subsequent $1.128 billion outflows indicate strategic rather than long-term shifts.
• Bitcoin’s price fluctuated significantly responding to market cautiousness and economic expectations.
• Upcoming economic data releases could further dictate cryptocurrency market trends.

As market players prepare for crucial economic data, Bitcoin’s future remains uncertain, with developments expected to set the tone for trading dynamics in the days to come.