As of January 26, 2026, in the East Eight Time Zone, CoinShares monitored a net outflow of approximately $1.7 billion from global digital asset investment products in a single week. According to its weekly report data, this scale directly reversed the direction of funds since the beginning of the year, changing from a previous net inflow to approximately $1 billion net outflow (according to A statistics). Structurally, this round of capital reversal was not uniformly withdrawn: Bitcoin and Ethereum-related products became the main sources of redemption, while a few assets like Solana recorded small-scale net inflows against the trend, showing a clear structural differentiation. This article will fully analyze this "sharp turn" based on data disclosed by CoinShares and related statistics, focusing on three dimensions: capital flow, regional differences, and asset rotation, emphasizing the interpretation of the result data itself without speculating on a single macro or regulatory reason.
$1.7 Billion Blood Loss and the Turning Point of Funds at the Beginning of the Year
● Turning Point of Funds: According to CoinShares and A statistics, as of the week ending January 26, global digital asset investment products recorded approximately $1.7 billion net outflow, changing the cumulative funds from a previous net inflow state to approximately $1 billion net outflow. This means that the trend of funds entering the market, which had continued since the end of last year, was completely offset within a week, with both passive and active redemptions at the investment product level rising simultaneously, constituting the first clear signal of a turning point in funds since the beginning of 2026.
● Rare Scale: The research brief pointed out that this week's outflow of approximately $1.7 billion has been described by some channels as “the largest single-week outflow since mid-November 2025”, but this statement is still in a pending verification status and is only mentioned once in the text, not to be regarded as a fully verified conclusion. Even without qualifying it as "the largest," from the perspective of the past year's regular range, the outflow scale of this week remains in a relatively rare extreme position, reflecting a significant amplification of capital behavior in a short time.
● Confidence Judgment: CoinShares directly stated in its latest weekly report that this round of large redemptions "marks a significant deterioration in investor confidence in the digital asset class," reflecting the institution's subjective view on the emotions behind capital behavior. It is important to emphasize that this qualitative "deterioration of confidence" is just one interpretation based on result data and does not equate to a causal proof of triggering factors; readers should view it as commentary rather than a conclusive attribution to macro or regulatory events.
● End of Honeymoon: Since the approval of the Bitcoin spot ETF, related products had recorded considerable net inflows for several consecutive weeks, which the market generally viewed as a "funds honeymoon period," interpreting the combination of institutional allocation and exuberant sentiment. The sharp net outflow of approximately $1.7 billion this week forms a stark contrast to the previous continuous net inflows, indicating that this honeymoon period has come to a temporary end, with marginal changes in both capital and sentiment leaning towards "cooling down," rather than simply continuing the earlier one-sided optimism.
Funding Pressure Led by Bitcoin and Ethereum
● Bitcoin as the Main Redemption Window: According to consistent data from CoinShares and A/C, Bitcoin investment products recorded net outflows of "over $1 billion" for the week ending January 26. Although there are some statistical differences in specific amounts from various sources, this article uniformly refers to it as "over $1 billion" and cites CoinShares and supplementary statistics as the source. This indicates that the asset that was previously the most sought after and had the highest concentration of funds is now becoming a major outlet for concentrated selling and redemption, amplifying the overall net outflow scale at the product level.
● Significant Outflow from Ethereum: Ethereum-related products also experienced a notable net outflow in the hundreds of millions, with A statistics estimating approximately $308 million, while C statistics provided an estimate of about $630 million, showing a significant discrepancy between the two. Based on this conflict, this article can only describe Ethereum's weekly capital performance as "a net outflow range of approximately $308 million to $630 million," and not an exact amount, clearly stating that these figures come from external statistics and still need further verification to avoid excessive interpretation of specific scales.
● Amplifying Total Pressure: From the perspective of capital behavior, the concentrated redemptions of Bitcoin and Ethereum, the two leading products, are the core amplifiers of this week's overall net outflow of $1.7 billion: on one hand, these two types of products have the largest stock volume in digital asset investment tools, and any proportional change will be amplified in total; on the other hand, without fabricating specific triggering reasons, this article does not directly link price fluctuations, ETF regulatory progress, or macro events to causal relationships, but simply points out that the redemption of leading products' shares has significantly elevated the overall blood loss scale.
Regional Differentiation with the U.S. Leading the Brake
● U.S. Dominates This Round of Outflows: According to the data analysis from CoinShares and A/C, this week's capital outflow was mainly concentrated in the U.S. market. Although the specific numbers provided by various parties differ, they are consistent in the magnitude of "over $1.6 billion." Based on this premise, this article only qualifies it as "the U.S. dominates this round of outflows" without quoting a specific value from any party to avoid making seemingly accurate but unverified judgments about the specific scale of capital withdrawal from the U.S. market in the presence of conflicting statistical criteria.
● Comparison of North America and Europe: In contrast, the Canadian market recorded approximately $33.5 million net inflow (pending verification) in the same week, forming a stark contrast with the U.S.; within Europe, there is also regional differentiation, with reports from the same source indicating that Switzerland recorded approximately +$32.5 million, Germany approximately +$19.1 million net inflow, while Sweden recorded approximately -$11.1 million net outflow (all data pending verification). These numbers can only serve as directional references for now, showing that against the backdrop of capital fleeing the U.S., some regional products have instead seen capital inflows, resembling early signs of "local hedging" or rebalancing.
● Regulation is Background, Not Conclusion: In terms of regulation and policy, the market indeed widely focuses on how the U.S. regulatory environment and policy expectations may affect global risk appetite, such as speculations about the subsequent approval pace of ETFs, compliance requirements, and enforcement attitudes. However, it is important to clarify that the research brief specifically warns against directly binding specific regulatory events to this capital outflow as a definite causal relationship. Therefore, this article only views regulation as one of the potential macro backgrounds, avoiding a linear narrative of "because of regulation, therefore outflow," to prevent exceeding the scope supported by publicly available data.
Solana's Inverse Capital Inflow Amidst Mainstream Retreat
● Solana's Slight Inverse Inflow: Against the backdrop of overall net outflows from investment products, Solana-related products recorded a net inflow of approximately $17.1 million, a figure sourced from a single data provider (C) and still needs to be viewed with a "pending verification" attitude. In absolute terms, this scale is not large compared to the outflows of Bitcoin and Ethereum, but in a week where the overall market is predominantly characterized by net outflows, such an inverse change still holds certain observational value.
● Structural Preference Signal: Without fabricating specific trading strategies or institutional names, the net inflow of Solana and a few other assets can be cautiously interpreted as possible signals of segmented capital preferences or structural allocation adjustments. Some funds may be reducing allocations to traditional leading assets while attempting to increase allocations to certain public chains or niche sectors to enhance the diversity of their portfolios. However, this judgment remains at the behavioral level and cannot derive specific position models or strategy paths; all subject identities and details are outside the scope of this article.
● Distinguishing Total Outflow from Internal Rotation: Current data reminds investors to pay attention to both "total changes" and "internal rotation": on one hand, overall capital indeed showed outflow during the week, reflecting a weakening marginal risk appetite; on the other hand, even if the overall trend is weakening, there may still be signs of migration from Bitcoin and Ethereum to certain public chains or other thematic products. However, the current evidence regarding the scale and sustainability of rotation remains limited, insufficient to support the conclusion of a "clear rotation market," and can only be viewed as early, localized structural signals.
Three Main Lines of Emotional Mutation and Structural Reshuffling
● Three Result Main Lines: Based on this week's data, three interwoven main lines can be outlined: first, a significant outflow in overall scale occurred, with approximately $1.7 billion in net redemptions in a single week constituting a capital event; second, the U.S. led the sell-off in the regional dimension, while markets like Canada, Switzerland, and Germany showed opposite net inflows; third, in terms of assets, leading products faced pressure while a few assets absorbed capital, with Bitcoin and Ethereum products experiencing significant capital withdrawals, while Solana saw slight inflows. It is important to emphasize that these are based on statistical "result data," which do not automatically carry causal explanations.
● Verifiable and Non-verifiable: Methodologically, capital scale and flow are verifiable facts that can be cross-verified through CoinShares and other third-party statistics; however, questions such as "what triggered this round of redemptions," "does it mean the bear market has begun," and "is regulation the direct trigger" currently remain in the speculative category. The research brief has explicitly prohibited fabricating causes, so this article does not provide affirmative or negative conclusions on these hypotheses, leaving them temporarily in the position of "awaiting more data verification."
● Correct Use of Data: For investors, single-week capital flow data is more suitable as an early signal for monitoring emotional and structural changes, rather than being simplified into "buy/sell instructions." A reasonable approach is to cross-verify this data with price trends, trading volumes, macroeconomic indicators, and regulatory policy dynamics, observing whether different indicators show aligned or diverging signals before making cautious judgments, rather than deriving clear trading conclusions solely based on the single fact of "$1.7 billion outflow."
Observational Focus After the Sharp Turn of Funds
The $1.7 billion net outflow in a single week, along with the change from net inflow to approximately $1 billion net outflow since the beginning of the year, undoubtedly constitutes the first important turning point of funds for digital asset investment products in 2026. However, what we currently have is still just a one-week sample, which is insufficient to determine whether the annual trend has reversed, nor can a one-time high-intensity redemption be simply equated with the start of a long-term bear market. Understanding this helps grasp the importance of the data while avoiding excessive extrapolation from a single week's anomaly.
Looking ahead, key observation windows to track in the coming weeks include: whether the redemption pace of ETFs and other products in the U.S. market continues to lean towards net outflows, whether the capital direction in Canada and major European countries continues the current differentiation pattern, and whether the capital flow between Bitcoin, Ethereum, and Solana continues to amplify. Only when these phenomena form a coherent narrative over time can we reliably judge whether this is a technical adjustment brought about by short-term profit-taking or a structural contraction triggered by a mid-term decline in risk appetite.
The position this article consistently adheres to is: calm presentation and risk warning based on publicly available statistical data. In the absence of more substantial evidence, it deliberately avoids extending this round of capital outflow into a linear narrative of macro crisis or regulatory conspiracy. What is truly worth doing is to continuously track the evolution of data in the following weeks, and under a longer time series comparison, provide a more complete and robust interpretation of the current capital "sharp turn."
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