US spot Bitcoin and Ether exchange-traded funds started 2026 with strong demand, recording about $646 million in net inflows on the first trading day of the year, even as broader crypto market sentiment remains cautious.
According to data from Farside, spot Bitcoin (BTC) ETFs attracted $471.3 million in net inflows on Friday, while spot Ether (ETH) ETFs added $174.5 million. Combined, the products took in $645.8 million.
For US spot Bitcoin ETFs, it was the strongest single-day net inflow in 35 trading days, surpassed most recently on Nov. 11, when the 11 US-listed products saw $524 million in a single session. Spot Ether ETFs also logged their best day in 15 trading days, with the largest inflow since Dec. 9, when $177.7 million was recorded.
Crypto market participants often use ETF flows as a barometer of mainstream investor appetite for digital assets and, in some cases, as a short-term signal for potential price direction.
Over the past 30 days, spot prices for Bitcoin and Ether have slipped 1.56% and 1.39%, respectively. The declines extend a period of caution that followed sharp volatility in October, when the rapid unwinding of leveraged positions in crypto derivatives triggered what has been described as the largest single-day liquidation event on record.
The softer prices have coincided with subdued sentiment. The Crypto Fear & Greed Index, a gauge of overall crypto market mood, has hovered between “Extreme Fear” and “Fear” since early November. On Sunday, it fell back into “Extreme Fear,” registering a score of 25.
Despite the wary backdrop, some industry figures say institutional demand is returning. Tonso chief marketing officer “Wal” wrote in a post on X that spot Bitcoin ETFs “are back,” arguing that many institutional investors sold Bitcoin in the fourth quarter of 2025 for tax-loss harvesting and are now “loading up,” calling the latest inflows “just the beginning.”
Flows data from 2025 underscore the scale of institutional and retail participation via ETFs. US investors funneled more than $31.77 billion into US crypto ETFs over the year. Spot Bitcoin ETFs accounted for the majority, drawing $21.4 billion in net inflows. That was down from $35.2 billion in net inflows in 2024 but still represented substantial ongoing demand for Bitcoin exposure through regulated products.
Related reading: How crypto laws changed in 2025 — and how they may evolve in 2026.