bitcoin etfs pulled $697 million on day 2 of 2026, and it matters

spot bitcoin etfs just logged about $697 million of net inflows on the second trading day of 2026 (tuesday). across the first two trading days of the year, that’s roughly $1.1 billion net positive.

what makes that stand out is context. these same bitcoin funds reportedly had two straight months of net outflows into year-end (about $3.48 billion out in november, then ~$1.09 billion out in december). so this is a pretty sharp “new year, new positioning” flip.

matrixport called it a clean-slate effect: since the october shakeout, around $30 billion of bitcoin + ethereum futures leverage has been unwound. basically, less crowded trades, fewer forced liquidations, and price can react more to real spot demand.

but it’s not all straightforward either. according to nansen’s “smart money” positioning on hyperliquid perpetual futures, wallets were still net short bitcoin by about $108 million, while being net long ethereum (~$712 million) and xrp (~$83 million). so you’ve got a split: slower etf buyers adding exposure, while faster money is still hedging or fading.

also, this isn’t only bitcoin. ether spot etfs saw about a $168 million inflow on monday. and solana etfs (as tracked by farside) added ~$16.8 million and have been positive for about 20 straight days.

my takeaway: $697 million doesn’t guarantee a rally. but it does say institutions are back early, and the market looks… cleaner than it did a few months ago. how are you reading this right now?