Demand for Bitcoin and crypto-linked ETFs remained weak on Thursday, even after the long-awaited end of the 43-day US government shutdown.

• Bitcoin ETF outflows: $866 million net on Thursday
• Comparison: Second-worst day on record after $1.14 billion outflows on Feb. 25, 2025
• Context: The outflows came a day after President Donald Trump signed a government funding bill extending operations until Jan. 30, 2026

This marked the second consecutive day of Bitcoin ETF outflows, highlighting a lack of investor appetite despite the government reopening. ETFs had been a primary driver of Bitcoin’s momentum in 2025, alongside corporate treasuries like Michael Saylor’s Strategy.

Market Outlook: Bull or Bear?

• CryptoQuant founder Ki Young Ju: Bitcoin’s bull market remains intact as long as the price holds above $94,000, the average cost basis of recent investors.
• Hunter Horsley, Bitwise CEO: Suggests that the four-year cycle theory may no longer apply due to Bitcoin ETFs and the new US administration. He sees the current setup for crypto as strong, potentially marking the tail end of the bear phase.

Altcoin ETFs Show Investor Appetite

While Bitcoin ETFs struggled, altcoin ETFs showed promising demand:

• Canary Capital XRP ETF ($XRPC): First US-based ETF holding spot XRP tokens
  • Day one volume: $58 million, topping all other crypto and traditional ETF launches in 2025
  • Slightly ahead of $BSOL’s $57 million launch
• Ether ETFs: $259 million in outflows on Thursday
• Solana ETFs: $1.5 million inflows, extending a 13-day winning streak

The XRP ETF’s strong debut suggests that regulated altcoin funds may be attracting more attention, signaling continued interest in crypto beyond Bitcoin.