The so-called "January Effect" has materialized in the cryptocurrency market, with U.S.-listed spot Bitcoin and Ethereum exchange-traded funds (ETFs) collectively attracting a massive $645.8 million in net inflows on January 2, 2026, the first trading day of the year. This marks a dramatic reversal from the end of 2025, which saw over $6 billion in combined outflows across November and December following a historic market crash in October.
Data from Farside Investors and SoSoValue reveals the scale of the resurgence. U.S. Bitcoin ETFs alone posted $471.14 million in net inflows, their largest single-day haul in 35 trading days since November 11, 2025. Spot Ethereum ETFs saw their largest inflow in 15 trading days, with $177.7 million recorded on January 2.
BlackRock's iShares Bitcoin Trust (IBIT) led the Bitcoin charge, absorbing $287.4 million of the total inflow, its largest daily net inflow since October 8, 2025. Other significant buyers included Fidelity's FBTC ($88.08M) and Bitwise's BITB ($41.49M). In the Ethereum camp, the story was more nuanced, with Grayscale's Ethereum Trust (ETHE) taking the lead for the day with $53.7 million in inflows, though BlackRock's ETHA remains a consistent favorite.
The inflows coincided with a notable price surge. Bitcoin's price surged over $2,000 to hit an intraday high of $90,925 on January 2, breaking out of a tight $87,000-$90,000 range and closing the session just below $90,000. At press time, Bitcoin was trading around $91,337, up 1.87% in 24 hours. Ethereum reclaimed the $3,140 level, posting a 1.51% gain. This price action comes after a stagnant 30-day period where both assets were down roughly 1.5%, a lingering effect of the October 2025 crash that triggered a record single-day liquidation event, wiping out nearly $20 billion in value.
The total net assets for U.S. Bitcoin ETFs now stand at approximately $116.95 billion, reflecting a more than 3% increase since December 31, 2025. The week ending January 2 saw net inflows of $458.77 million. Analysts note that while one day of strong inflows is not a definitive bullish signal, it strongly suggests that the persistent outflows of late 2025 have abated, and institutional demand is accelerating despite relatively flat recent prices. Market participants are now watching for whether this pace of accumulation can be sustained, potentially paving the way for new all-time highs for both BTC and ETH.
