Bitcoin exchange-traded funds (ETFs) have had a volatile start to 2026, with sharp swings in investor demand even as money pours into traditional ETFs at an unusually fast pace.
US-listed spot Bitcoin () ETFs pulled in $753 million on Tuesday in their second consecutive day of inflows after a four-day losing streak, to Farside Investors data.
Bitcoin ETFs have raked in a total of $660 million in net inflows so far in 2026 as demand for the funds continued to fluctuate.
Traditional ETFs, on the other hand, attracted $46 billion in the first six days of 2026, in an “abnormally high to start the year,” according to Bloomberg ETF analyst Eric Balchunas.
“ETFs have taken in $46b in first 6 days of year, which is abnormally high to start year, on pace for $158b for month, about 4x the norm,” the analyst in a Monday X post.
The divergence shows that ETF investors are actively deploying capital, but prefer allocating to funds tied to traditional investments instead of crypto ETFs with a higher perceived risk profile.
Demand for Bitcoin ETFs has declined in the past six months, from $6 billion in monthly net inflows in July 2025 to $1.09 billion in outflows during December, to SoSoValue.
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Looking at other crypto funds, spot Ether () pulled in $130 million on Tuesday, reaching $240 million in total inflows so far in 2026, to Farside Investors.
Spot Solana () ETFs continued their uninterrupted winning streak, recording $67 million in net positive inflows since the start of the year.
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While the lack of ETF demand is a concerning sign for Bitcoin’s price, blockchain data suggests that Bitcoin treasury firms are stepping in to fill this gap through steady monthly accumulation.
treasuries (DATs) added a net 260,000 Bitcoin to their balance sheets over the past six months, outpacing the estimated 82,000 coins mined over the same period.
This equates to monthly corporate investments of around 260,000 BTC, worth roughly $25 billion, according to crypto analytics platform .
In contrast to public treasury companies, the industry’s leading traders by returns, tracked as “smart money,” were still betting on Bitcoin’s decline, with $122 million of net short positions, to crypto intelligence platform Nansen.
However, the cohort was net short and betting on the decline of most top cryptocurrencies, with the exceptions of Ether, XRP (), the memecoin launchpad Pump.fun’s (PUMP) token, and Zcash ().
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