Large outflow from ETFs is not a flight, but a tactical reduction of risk during macro tension.

Almost $1 billion has flowed out of Bitcoin and Ethereum ETFs in a single day — investors fled faster than rats from a sinking ship. January 21 turned out to be especially painful for the exchange-traded funds market.
Spot Bitcoin ETFs saw a net outflow of $708.7 million, marking the largest single-day outflow in the last two months. According to SoSoValue, the leader in the exodus was BlackRock’s IBIT with an outflow of $356.6 million. Fidelity’s FBTC was not far behind, losing $287.7 million, while four other funds also recorded capital outflows.