In the first week of 2026, spot Bitcoin ETFs face pressure. Investor risk appetite declines, with a net outflow of $681 million over the week. The inflow momentum at the beginning of the year has completely reversed, with four consecutive days of outflows, and Wednesday was the worst, with a single-day outflow of $486 million. What's happening in the market? The failed interest rate cut expectations and tense geopolitical situations, combined with these factors, have caused traders to start pulling back.

Spot Ethereum ETFs also didn't escape, with a weekly outflow of approximately $68.6 million. It seems institutional investors are waiting for signals—economic data, the latest statements from the Federal Reserve—these are the key factors that can change market sentiment. Whoever takes action first to break this hesitation will gain the advantage.