The US Bitcoin ETF market stayed under pressure through January 28. Funds recorded a second straight day of net outflows, showing that large investors remain cautious even though selling has slowed.
Data from Farside Investors shows Bitcoin ETFs saw net outflows of about $19.6 million on January 28. While this was much smaller than earlier selloffs, it still added to a weak stretch for the market. Over the last eight trading days, Bitcoin ETFs have seen only one day of inflows, and that gain was just around $7 million.
This trend is a clear shift from what was seen earlier in January. On January 14, Bitcoin ETFs attracted strong interest, with inflows totaling $840.6 million. That optimism faded quickly in the following days.
Selling pressure peaked on January 21. On that day alone, Bitcoin ETFs recorded net outflows of $708.7 million, the largest single day loss during this period. Since then, flows have remained mostly negative, even if the pace has eased.
Ethereum ETFs, however, are showing early signs of stabilizing. On January 28, US Ethereum ETFs posted net inflows of $28.1 million. This followed another positive session on January 26, when inflows reached about $117 million.
These gains offered some relief after a volatile second half of the month. Ethereum ETFs had also seen strong demand earlier in January, with inflows peaking at $175.1 million on January 14 before reversing sharply.
The worst day for Ethereum ETFs came on January 21. On that date, $287 million flowed out of the products. Most of that selling came from BlackRock’s iShares Ethereum Trust, which alone saw outflows of $250.3 million.
The latest data points to a slight change in tone. On January 28, BlackRock’s ETHA returned to inflows, adding $27.3 million. At the same time, ongoing outflows from Grayscale’s Ethereum funds paused. While the recovery remains small, it suggests selling pressure may be easing for Ethereum compared to Bitcoin.
Bitcoin prices have remained under pressure alongside these fund flows. The cryptocurrency was trading below $88,000 on Thursday after failing to break a key resistance level earlier in the week.
The weakness followed the Federal Reserve’s latest policy decision. The Fed kept interest rates unchanged in the 3.50% to 3.75% range, a move markets largely expected. However, officials did not signal any urgency to cut rates, which limited enthusiasm for risk assets.
Fed Chair Jerome Powell said inflation is still well above the 2% target. Two governors voted in favor of a small rate cut, but the overall message from the meeting was cautious. Markets now expect rates to remain steady through the rest of the quarter.
Concerns have also grown around the Federal Reserve’s independence. A Justice Department investigation involving Powell and efforts to remove Fed Governor Lisa Cook have raised fears of political pressure, further dampening investor confidence.
Geopolitical tensions added to the uncertainty. Reports said President Donald Trump is considering actions against Iran, including possible strikes, as protests continue in the country. The deployment of a US aircraft carrier to the region has increased worries about escalation.
As risks have risen, investors have moved toward safer assets. Gold and silver climbed to record highs, while cryptocurrencies struggled to attract sustained buying interest.
