U.S. spot Bitcoin ETFs recorded their biggest single-day outflow since late January, with net withdrawals hitting $648.6 million on Monday, according to SoSoValue data. The exodus extended last week's cumulative outflows to roughly $1 billion, ending a six-week streak of net inflows.
BlackRock's IBIT Leads with $448M in Outflows
BlackRock's IBIT accounted for the largest share, losing $448.3 million. Ark & 21Shares' ARKB shed $109.6 million, while Fidelity's FBTC saw $63.4 million in withdrawals. Products from Bitwise, VanEck, Invesco, and Franklin Templeton also finished the session in the red.
Bitcoin dipped below $77,000 over the weekend amid rising U.S.-Iran tensions and higher oil prices, reigniting inflation fears across risk markets. By Tuesday, BTC was trading near the monthly open around $77,000, a level Bitfinex analysts described as critical for the market's recovery structure.
Bitfinex: Institutional Demand Losing Momentum
In a market report shared with crypto.news, analysts at Bitfinex said the latest decline has exposed weakening demand beneath the crypto market. The two main drivers of marginal buying activity — spot Bitcoin ETFs and yield-focused products such as STRC — are both losing momentum as macro conditions turn more difficult.
Liquidity conditions have deteriorated to their weakest since early February, leaving Bitcoin increasingly vulnerable to external shocks and rate volatility. The report noted that the market no longer shows the same aggressive institutional participation that supported earlier stages of the bull cycle.
On-Chain Capital Inflows Slow Down
The analysts pointed to the Realised Cap 30-Day Net Position Change metric, which tracks monthly capital entering the Bitcoin network. After Bitcoin's rally toward $82,000 earlier this month, the metric climbed to roughly $2.8 billion per month, helping support bullish momentum. However, stronger breakout periods during the 2023–2025 cycle saw inflows accelerate toward the $10 billion monthly range — far above current levels. The weaker inflow profile suggests Bitcoin may struggle to withstand prolonged macro pressure if rates remain elevated.
The report also warned that inflation concerns complicate the Fed's path. "The new Fed chair inherits a central bank that has missed its inflation target for five consecutive years, an inflation expectations curve that is no longer anchored at 2 percent, and a market that continues to interpret his prior commentary as dovish despite a data environment that no longer supports that reading," the analysts wrote. Market expectations for the second half of 2026 are increasingly shifting from hopes of multiple rate cuts toward a scenario where the Fed keeps policy restrictive to restore inflation credibility.