Fund flows are highlighting an increasingly fragmented approach to risk across major crypto assets as markets contend with fresh volatility.

Bitcoin exchange-traded funds extended their stretch of outflows on Tuesday, while products tied to ether and XRP continued to attract capital. U.S.-listed spot bitcoin ETFs recorded around $272 million in net outflows on Feb. 3, according to SoSoValue data, reinforcing a distribution trend that has accompanied bitcoin’s recent price turbulence.

The redemptions coincided with sharp intraday swings, as bitcoin fell toward $73,000 before rebounding above $76,000. Market participants pointed to thin liquidity conditions and rapidly shifting macro developments as drivers of the abrupt moves.

In contrast, spot ether ETFs saw roughly $14 million in net inflows, and XRP-focused products attracted nearly $20 million. The inflows indicate investors are reallocating exposure within crypto markets rather than retreating from the asset class altogether.

The split in flows reflects evolving risk preferences rather than a broad erosion of confidence in digital assets. Bitcoin has increasingly traded as a macro-sensitive risk asset, reacting quickly to equity-market stress, tighter financial conditions, and renewed concerns around technology-sector valuations.

Selling pressure intensified alongside a sharp decline in U.S. software stocks after Anthropic introduced a new AI automation tool, reigniting fears that artificial intelligence could disrupt established software business models and weighing on broader tech indices.

Overall, the flow patterns point to selective risk-taking rather than a wholesale risk-off shift. While bitcoin ETFs have borne the brunt of near-term de-risking, capital continues to circulate within the crypto ecosystem, favoring assets viewed as offering differentiated use cases or relative value.