$1.4 billion inflow in a single week! Bitcoin ETF hits a new high since the October crash, but the market secretly harbors bearish pressure

January 19 News, the US spot Bitcoin ETF experienced a strong rebound in early 2026, recording the best weekly performance since the crypto market crash in October last year. However, while funds are flowing back in, global macro uncertainties are injecting new bearish variables into the market.

Data shows that last week, the US spot Bitcoin ETF attracted a net inflow of approximately $1.4 billion, hitting a nearly three-month high and marking the most impressive week since 2026. According to SoSoValue statistics, this round of capital was mainly concentrated in leading products, indicating a clear increase in institutional allocation willingness.

Structurally, BlackRock remains the core source of fund inflows, with its IBIT experiencing a weekly net inflow of about $1.035 billion, accounting for over 70% of the total inflow. Despite previous market rumors about adjustments to Bitcoin exposure, actual fund movements remain strong. Following closely is Fidelity’s FBTC, with a weekly net inflow of approximately $194 million, reflecting steady institutional demand.

Driven by the inflows, the total net asset value of Bitcoin ETFs has risen back to about $124.5 billion, with an asset-to-liability ratio of approximately 6.53%. Bitcoin prices also rebounded to nearly $98,000, significantly higher than the lows below $90,000 at the beginning of the year. Meanwhile, the US spot Ethereum ETF also showed signs of recovery, recording an inflow of about $479 million last week, reaching a new high since the market experienced a significant correction last year.

The derivatives market also sent subtle signals. Bitcoin futures open interest has increased by about 12% since the beginning of the year, continuing the recovery trend from Q4 last year. CryptoQuant analyst DarkFrost pointed out that after Bitcoin’s sharp decline in October, futures open interest had contracted significantly, and the current rebound indicates a slow recovery in risk appetite, though the strength remains moderate.

It is important to be cautious as macro uncertainties are intensifying. With repeated trade tensions between Europe and the US, Bitcoin prices have recently retreated from highs, and the market is reassessing the sustainability of ETF fund inflows. Some analysts believe that if macro pressures persist, Bitcoin ETFs may face a phased correction in the short term.

In the market environment of 2026, Bitcoin ETFs have become an important window to observe institutional sentiment. The capital inflows send positive signals, but the battle between bulls and bears is intensifying, and the market’s short-term trend may become more sensitive.