📉 Largest Withdrawal Cycle Since October ATH
According to Glassnode data, U.S. spot Bitcoin ETFs have posted their largest cycle drawdown since the October all-time high:
Aggregate ETF balances have shrunk by about 100,300 BTC since the October peak, reducing total holdings to approximately 1.26 million BTC — the deepest cycle slump to date. �
The Coin Republic
📊 Persistent Outflows & Weak Sentiment
This drawdown is part of continuing outflows in the space:
ETFs have experienced multiple consecutive weeks of net outflows, with sustained redemptions reflecting institutional caution, especially as Bitcoin price remains below recent highs. �
TMGM
January saw roughly $1.6 billion exit spot Bitcoin ETFs, extending a redemption trend that began in late 2025. �
The Coin Republic
📉 Market Context
Analysts note:
Many holders are sitting below cost basis — with average ETF cost near ~$83,980 BTC against current trading levels — which may be feeding selling pressure. �
Crypto Economy
Sustained ETF outflows can signal risk-off investor behavior, even if cumulative historical inflows remain significant compared to earlier in the product lifecycle. �
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