Heavy Bitcoin ETF Redemptions Fail to Break Price Support
Crypto ETF flows turned sharply negative on 29 January, with Bitcoin, Ethereum, and XRP all recording notable net outflows, while Solana remained relatively stable by comparison.
Key takeaways:
- Bitcoin ETFs saw their largest single-day outflow in weeks.
- Selling pressure was widespread across major issuers, not isolated.
- Spot Bitcoin price held above $82,000 despite heavy ETF redemptions.
- Price stability suggests non-ETF demand helped absorb supply.
Despite the pressure from ETF redemptions, spot prices across major assets showed mixed resilience, suggesting that not all selling pressure translated directly into the broader market.
Bitcoin
Bitcoin spot ETFs recorded a sharp net outflow on 29 January, with total withdrawals of approximately $817.8 million. The selling pressure was broad-based, led by heavy redemptions from BlackRock’s IBIT (-$317.8 million), Fidelity’s FBTC (-$168.0 million), Bitwise’s BITB (-$88.9 million), and ARK’s ARKB (-$71.6 million), alongside notable outflows from Grayscale’s GBTC (-$119.4 million). Despite the scale of ETF selling, Bitcoin was trading near $82,603, showing only a marginal daily decline and signaling relative price resilience.
Ethereum
Ethereum ETFs also faced sustained pressure, recording net outflows of roughly $155.7 million on the day. Redemptions were driven primarily by BlackRock’s ETHA (-$54.9 million) and Fidelity’s FETH (-$59.2 million), with additional outflows from Bitwise and Grayscale-linked products. Ethereum was trading around $2,725, reflecting continued weakness in ETF demand alongside broader risk-off sentiment in the altcoin market.
Solana
Solana ETFs showed comparatively muted activity. Total net flows on 29 January were slightly negative at approximately -$2.2 million, with small outflows concentrated in Grayscale’s GSOL and Bitwise’s BSOL, while other issuers recorded flat flows. SOL was trading near $115.50, remaining under modest pressure but outperforming several larger assets in relative terms.
XRP
XRP spot ETFs experienced one of the most uneven flow profiles of the day, with total net outflows of about $48.6 million. While Canary and Bitwise products posted modest inflows, these were overwhelmed by a significant -$51.5 million redemption from Grayscale’s XRP trust. XRP was trading around $1.74, reflecting heightened volatility as ETF flows remain highly concentrated among issuers.
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Alexander Zdravkov is a person who always looks for the logic behind things. He has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
