At the beginning of the month, the Bitcoin market was still booming, but suddenly it changed.
The recently disclosed data is shocking: this Thursday, 11 U.S. spot Bitcoin ETFs experienced a net outflow of $171.12 million, setting a record for the largest single-day withdrawal in over three weeks.
That's right, there has been an outflow, and it's a fierce one.
BlackRock's IBIT was not spared, with a single-day outflow of $41.92 million; FBTC, GBTC, BITB, ARKB... these once popular funds that attracted countless investments are being 'withdrawn' one by one, each between $20 million and $30 million.
You have to know that just in the short two weeks from the end of February to the beginning of March, these funds crazily absorbed over $2 billion. Now, the wind direction has changed in an instant - last week, the inflow was only $95.8 million, and this week, so far, there has been a net outflow of $70.71 million.
This conveys a not-so-friendly signal: the institutions' 'buy, buy, buy' mode may need to hit the pause button.
This wave of spot Bitcoin ETF, since its debut in January 2024, has always been the 'compliance channel' for institutional funds to enter, allowing them to benefit from price increases without directly holding Bitcoin. Because of this, they are viewed as a barometer of institutional sentiment.
Now the barometer suddenly turns gloomy, what does it mean?
It indicates that large funds are starting to hesitate.
What’s even more unsettling is that the current macro environment is not gentle. The shadow of fluctuating interest rate expectations and tightening liquidity has not dissipated. Bitcoin has surged to around $70,000, which is already in a historically high range. At this point, when institutions choose to pull back, is it a short-term profit-taking or a wobbling confidence in the future market?
No one can give a definitive answer. But a real issue is now laid out in front of us:
How long can Bitcoin hold at this sensitive position of $70,000?
If there is no new capital relay in the follow-up, and if the macroeconomic 'headwinds' continue to blow, will this round of intense rise that started at the end of last year welcome a proper correction?
Of course, the market always has two sides. Some see outflows and perceive risk; others see outflows and perceive opportunity. After all, institutions taking a rest does not mean the story ends here.
But one thing is certain - the price movement of Bitcoin in the coming days will be crucial. It will either bear the pressure and digest selling pressure through sideways movement; or it will face the first real test.
Don't blink, the big show may just be starting.