SP 500 ETFs, Bitcoin Funds, and Gold All Bleed as Outflows Broaden

ETF Daily Fund Outflow ReportDate: January 26, 2026

Market Overview

Today’s net fund outflows highlight a broad dispersion of investor activity across equity, bond, and thematic ETFs. While large-cap equity ETFs—particularly those tracking the S&P 500—dominated the outflow rankings, leveraged tech and gold ETFs also saw significant redemptions. The data suggests a potential reassessment of exposure to growth-oriented and high-conviction themes, though the absence of concentrated outflows in a single asset class points to a diversified rotation rather than a sector-specific selloff. Notably, Bitcoin-linked ETFs and long-duration Treasury funds joined traditional equity funds in the top outflow ranks, reflecting a mixed signal on risk appetite.

ETF Highlights

SPY - State Street SPDR S&P 500 ETF Trust As the largest S&P 500 ETF with $705.13B in assets, SPY’s $5.38B outflow may indicate profit-taking or a tactical rebalancing by investors. Its 1.59% intraday decline aligns with broader equity market movements, though the fund’s YTD performance remains flat, suggesting outflows could reflect shifting preferences among passive equity strategies.

IVV - iShares Core S&P 500 ETF The second-largest S&P 500 ETF, IVV, saw $1.43B in outflows. With $761.21B in AUM and a 1.60% decline today, the outflow may signal a relative shift toward alternative equity structures or active strategies. Its YTD performance mirrors SPY’s, reinforcing the idea of a broader trend in the index fund space.

QQQ - Invesco QQQ Trust QQQ, the Nasdaq-100-linked ETF, experienced $668.64M in outflows. Its 1.82% decline and $407.58B AUM suggest investors may be scaling back exposure to growth-oriented tech stocks. The fund’s YTD performance remains neutral, indicating outflows could reflect tactical adjustments rather than a bearish outlook on the tech sector.

GLD - SPDR Gold Shares GLD’s $611.08M outflow stands out given its 17.26% YTD gain, the strongest among the listed ETFs. The outflow may indicate profit-taking after a strong run, though its $172.75B AUM suggests a potential rotation away from physical gold holdings.

VOO - Vanguard S&P 500 ETF VOO’s $527.20M outflow adds to the S&P 500 ETF trend. With $861.47B in assets and a 1.59% decline, the outflow could reflect a broader reassessment of large-cap equity exposure. Its YTD performance aligns with peers, underscoring a structural shift rather than a performance-driven exit.

TLT - iShares 20+ Year Treasury Bond ETF TLT’s $497.74M outflow may signal a rotation away from long-duration bonds. The fund’s 1.37% rise today contrasts with its YTD performance, which remains negative, potentially reflecting sensitivity to yield curve dynamics. Its $45.37B AUM highlights its role as a liquidity barometer for the Treasury market.

IBIT - iShares Bitcoin Trust ETF IBIT’s $356.65M outflow, despite a 0.00% price change, could indicate reduced speculative interest in Bitcoin. With $69.85B in assets, the outflow might reflect a pullback in crypto exposure amid mixed sentiment, though its flat YTD performance offers no clear directional signal.

LQD - iShares iBoxx USD Investment Grade Corporate Bond ETF LQD’s $298.36M outflow may point to a shift from corporate credit markets. The fund’s 0.67% rise today contrasts with its negative YTD performance, suggesting investors could be rebalancing fixed-income portfolios toward alternative durations or sectors.

TQQQ - ProShares UltraPro QQQ TQQQ’s $295.29M outflow, the largest among leveraged ETFs, could signal de-risking in amplified tech exposure. Its 4.48% intraday gain and $30.26B AUM highlight its sensitivity to volatility, with outflows possibly reflecting a move away from high-beta leveraged products.

FBTC - Fidelity Wise Origin Bitcoin Fund FBTC’s $287.67M outflow mirrors IBIT’s trend, with a 0.04% price change and $17.38B AUM. The outflow may indicate a broader cooling in Bitcoin ETF demand, though its minimal YTD movement offers no clear link to macroeconomic factors.

Notable Trends / Surprises

The top outflows include three S&P 500 ETFs, two leveraged tech funds, and two Bitcoin-linked ETFs, signaling a mixed rotation away from growth assets and passive equity strategies. GLD’s outflow despite a robust YTD performance also highlights profit-taking in a non-equity theme, while TLT’s inclusion suggests a tentative shift from long-duration bonds.

Conclusion

Today’s outflows may indicate a cautious repositioning by investors, with reduced exposure to large-cap equities, leveraged tech, and crypto themes. The combination of S&P 500 ETFs, Bitcoin funds, and Treasury bond ETFs in the top outflow ranks could point to a diversification of risk profiles, though the absence of concentrated selling suggests a measured approach. The YTD performance of these ETFs, ranging from strong gains in gold to flat equity benchmarks, further underscores a nuanced shift rather than a broad selloff.