Rather than a broad risk-off move, flows show targeted outflows in Bitcoin and Ethereum, modest continued interest in Solana, and a notable positive print in XRP ETFs.
Key takeaways:
On January 23, Bitcoin ETFs recorded net outflows of roughly $103.5 million. The pressure was concentrated in large spot products, while most other issuers were flat. Compared to earlier in the month — when daily outflows regularly exceeded $400–700 million — the scale of selling has moderated significantly.
This suggests Bitcoin ETF investors are no longer aggressively de-risking. Instead, flows point to position trimming and rebalancing, consistent with a market transitioning from panic selling toward consolidation.
Ethereum ETFs also closed the day in the red, with net outflows of about $41.7 million. Unlike Bitcoin, the selling was more fragmented, spread across several products rather than dominated by a single issuer.
Importantly, the magnitude of outflows was smaller than earlier in the week, indicating that Ethereum-related ETF pressure may be stabilizing, even if conviction inflows have yet to return.
Solana ETFs were one of the few bright spots. On January 23, they recorded net inflows of approximately $1.9 million. While modest in absolute terms, the consistency matters. Solana has now seen inflows on multiple days when Bitcoin and Ethereum ETFs were bleeding capital.
That divergence suggests Solana is increasingly being treated as a relative strength or rotation trade, rather than a high-beta asset to be sold alongside majors.
The most distinct signal came from XRP spot ETFs, which posted a net inflow of around $1.78 million on January 23. While small compared to Bitcoin or Ethereum flows, XRP was one of the only assets showing a clean, unambiguous positive print.
This points to selective risk appetite, where capital is rotating rather than exiting the crypto ETF complex entirely.
Taken together, the January 23 data does not describe a market in free fall. Instead, it shows capital becoming more selective:
This kind of dispersion is typical late in a correction or early in a base-building phase, when investors stop selling everything and begin reallocating toward perceived relative winners.
The key shift is not the size of the flows — it’s their directional differentiation. ETF investors are no longer treating crypto as a single trade. They’re making choices again.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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