Last week, the US cryptocurrency ETF market showed clear divergence. According to SoSoValue data, during the first full trading week of 2026 (January 5 to January 9), the newly launched XRP ETF continued to attract net inflows, bringing in $38.1 million in new capital and setting a record high with $219 million in weekly trading volume.
In contrast, spot Bitcoin ETFs saw net outflows of $681 million during the same period, while spot Ethereum ETFs recorded $68.6 million in net outflows. Combined, the two asset classes saw total outflows reach $749.6 million.
Market Divergence: XRP ETF Defies the Trend
While Bitcoin and Ethereum ETFs faced headwinds, the XRP ETF stood out with impressive performance. This divergence suggests that institutional investors may be shifting their focus toward select alternative crypto assets. According to SoSoValue, the XRP ETF’s total trading volume last week reached $219 million—nearly double the previous week’s $117.4 million and slightly above the $213.9 million record set during the week of December 19, 2025.
Despite experiencing its first single-day net outflow of $40.8 million since launch on January 7, the XRP ETF still achieved a net inflow of $38.1 million for the week. This brought its cumulative net inflows since its mid-November 2025 debut to $1.22 billion.
As of January 9, the five spot XRP ETFs held a combined net asset value of $1.47 billion, accounting for approximately 1.16% of XRP’s total market capitalization. Among them, Canary Capital’s XRPC led the pack with $375.1 million in assets under management.
Weak Performance: Bitcoin ETFs See Significant Outflows
In stark contrast to XRP’s strong showing, Bitcoin ETFs experienced substantial capital outflows at the start of the year. From January 6 to January 9, Bitcoin ETFs posted four consecutive days of net outflows, totaling $681 million for the week. January 7 was particularly notable, with a single-day outflow of $486.1 million—the largest daily loss of the week. Specifically, industry leader BlackRock’s IBIT fund saw $252 million in outflows on January 9 alone.
Despite these withdrawals, the total net assets of the 12 spot Bitcoin ETFs remained high at $116.9 billion, representing about 6.48% of Bitcoin’s total market cap. Since their launch in January 2024, these funds have accumulated $56.4 billion in net inflows.
Meanwhile, the Bitcoin price broke above $91,000 on January 12, rising 0.17% that day. The disconnect between price movements and ETF capital flows may reflect a complex interplay between short-term profit-taking and long-term bullish expectations.
Market Context: "Wait-and-See" Mode Amid Macro Uncertainty
The overall cryptocurrency market is currently in a holding pattern. After a brief rally at the start of the year, Bitcoin has been consolidating around $90,000, struggling to break the $95,000 resistance level. Market analysts view this sideways movement as a "healthy consolidation." Brian Vieten, Senior Research Analyst for Digital Assets and Blockchain at Siebert Financial, commented, "Following an extended sell-off driven by concerns over tax-loss harvesting and the potential removal of digital asset holding companies from MSCI indices, Bitcoin is consolidating near $90,000."
Macro uncertainty is also weighing on the market. Stronger economic data has dampened expectations for further Federal Reserve rate cuts, putting short-term pressure on Bitcoin and other risk assets. James Butterfill, Head of Research at CoinShares, noted, "Macro data has generally exceeded expectations. This has somewhat reduced the likelihood of a rate cut in March, adding short-term downside pressure to prices."
At the same time, political and regulatory uncertainties persist. Market participants are closely watching US tariff policies, the future leadership of the Federal Reserve, and the evolution of cryptocurrency regulation.
Ethereum Update: From Inflows to Net Outflows
The Ethereum ETF market experienced a similar shift in momentum. On January 5 and 6, spot Ethereum ETFs saw strong inflows of $168.1 million and $114.7 million, respectively. However, these gains were completely offset by a combined $351.4 million in net outflows over the following three days. In the end, the nine spot Ethereum ETFs posted a net outflow of $68.6 million last week. As of January 9, these funds had a total net asset value of $18.7 billion, accounting for about 5.04% of Ethereum’s total market cap.
Notably, on January 9, BlackRock’s ETHA fund saw an $83.8 million outflow, while Grayscale’s ETHE fund recorded a $10 million outflow.
Against this backdrop, blockchain data shows that a large Ethereum holder recently transferred their remaining 26,000 ETH (worth approximately $80.88 million) to an exchange, completing a full liquidation. Over the past five years, this investor accumulated 101,000 ETH at an average purchase price of about $660 per coin, selling at an average price of roughly $3,313.
Price Reference and Outlook
As of January 12, 2026, Bitcoin was priced around $92,128. During the period from January 1 to 12, 2026, XRP traded between $1.8770 and $2.3556, with an average price of about $2.1344.
The consensus in the market is that despite short-term outflow pressures, Bitcoin’s long-term outlook remains positive. Butterfill forecasts that Bitcoin could reach $200,000 by the end of 2026. For XRP, the ETF’s sustained strong performance may signal a positive structural shift in the market. Continued inflows into XRP via ETFs—even as overall interest in crypto ETFs wanes—demonstrate the asset’s unique appeal.
At the time of writing, spot Bitcoin ETFs have accumulated $116.9 billion in total net assets, representing 6.48% of Bitcoin’s market cap. Spot Ethereum ETFs hold $18.7 billion in net assets, accounting for 5.04% of Ethereum’s market cap. XRP ETFs have grown to $1.47 billion in total assets, or 1.16% of XRP’s market cap—a ratio that continues to rise steadily with ongoing inflows. The divergence in capital flows highlights how institutional investors are taking a more nuanced and diversified approach to allocating across different cryptocurrencies.
