On January 21, 2025, U.S. Bitcoin spot ETFs recorded a net outflow of $708.7 million, led by a $357 million withdrawal from BlackRock’s IBIT, marking the largest daily outflow in nearly two months. Ethereum ETFs also saw $286.9 million in outflows. Analysts linked these moves to institutional de-risking amid macroeconomic uncertainty, not structural weakness in the market.