An interesting thing I noticed in the Bitcoin ETF flows on February 3rd. While the price moved sharply between $73,000 and $76,000, U.S. spot Bitcoin funds recorded outflows close to $272 million. Quite a bit of movement for a day of volatility.



But what’s curious is what was happening in parallel: Ethereum funds attracted about $14 million in inflows, and XRP products captured around $20 million. In other words, it wasn’t widespread panic. It seems investors were rotating positions rather than exiting the crypto space altogether.

It makes sense considering what was happening in the tech markets that day. U.S. software stocks suffered a heavy sell-off due to fears over AI and Anthropic. Bitcoin is increasingly behaving like a risk asset tied to those macro movements, while other crypto funds were attracting capital. It’s as if the market was looking for where to put money within the same crypto ecosystem, avoiding Bitcoin for the moment but not abandoning the asset class entirely.
BTC-0.26%
ETH-1.68%
XRP-0.51%
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