Bitcoin ETFs wiped out $1.1 billion in 72 hours as a critical demand metric turned negative

US-listed spot Bitcoin ETFs saw significant capital flight, suffering net outflows totaling approximately $1.13 billion over three consecutive trading days (Jan. 6-8), wiping out most of the initial January inflows. This selling pressure, led by giants like BlackRock's IBIT and Fidelity's FBTC, coincided with Bitcoin's price dropping from above $94,000 to below $90,000.

Analysis suggests this was structural de-risking by large players rather than retail panic. Experts note that while massive institutional holders like MicroStrategy provide a high floor, preventing a catastrophic crash, the broader market is entering a phase of "boring sideways" action as capital rotates into equities and hard assets. Critically, Bitcoin's 30-day "apparent demand" metric has turned negative, indicating new capital absorption is insufficient to keep pace with effective supply, suggesting recent price stability is not backed by durable accumulation.

This internal weakness aligns with macro trends, particularly the sovereign shift away from the US dollar toward gold, which saw a massive rally in 2025. However, a short-term dollar resurgence, potentially reinforced by upcoming labor data, complicates the picture. The overall conclusion is that Bitcoin faces stagnation, caught between a high institutional floor and a ceiling imposed by macro indifference and declining on-chain demand.

(Source：CryptoSlate)