Bitcoin slides toward fifth straight monthly loss as $4.5B ETF outflows put $58,000 on the line

Bitcoin is approaching a fifth consecutive monthly decline, which would be its longest losing streak since 2018, as it trades under $63,000, down nearly 20% for February. The current price action is increasingly driven by macro factors, ETF flows, and cross-asset sentiment rather than crypto-native catalysts. Spot Bitcoin ETFs have seen over $4.5 billion in net outflows this year, shifting the market dynamic where outflows now create supply pressure instead of inflows providing automatic demand. This institutional flow dominance has made Bitcoin behave more like a high-beta risk instrument. The key stress-test level attracting attention is $58,000, supported by technical markers like the 200-week EMA, on-chain cost-basis anchors, and concentrated demand in options markets, where traders are heavily buying $58,000 puts. While on-chain data suggests long-term holders are not yet under severe stress, the market structure has changed due to institutional involvement. The immediate outlook depends on whether Bitcoin can hold the $60,000 demand zone to establish a base or if a break below leads to a test of $58,000 and potentially deeper levels in the mid-$50,000s.

(Source：CryptoSlate)