Yesterday, the US spot Bitcoin ETF experienced a massive outflow of $395 million in a single day.

Looking behind this number: Fidelity FBTC outflowed $205 million, and BlackRock IBIT outflowed over $90 million. With both giants withdrawing funds simultaneously, market pressure can be imagined.

Many investors are beginning to ask—Is faith still there? Has the bull market come to an end?

Viewing this from a different perspective: After ETF approval, how much has Bitcoin rebounded from its lows? For those early entrants, taking profits at this stage is perfectly normal. Especially for traditional institutions that treat ETFs as short-term trading tools—they have no plans for long-term holdings.

What is the core reason for this wave of outflows? It’s the concentrated release of short-term profit-taking and institutional portfolio adjustments. In simple terms, it’s a high-intensity market shakeout—clearing out weak leverage positions and short-term speculators.

A few signals worth paying attention to:

**Is the outflow from Grayscale GBTC slowing down?** This is the biggest pressure indicator. Once the bleeding stops, selling pressure will significantly ease.

**Is there increased volume during the decline?** Currently, outflows are ongoing, but if trading volume doesn’t increase significantly when prices dip, it could mean panic capitulation is near.

**What are large on-chain wallets doing?** Don’t just watch the flow of funds; observe what those with large holdings are doing—are they accumulating on dips or waiting on the sidelines?

From a deeper perspective: Sudden drops in a bull market are often opportunities rather than signals of despair. The true support levels will be validated and established during market panic.

If you panic and sell at a loss based on a single day’s data, you might be selling at the bottom. Stay calm, don’t let daily fluctuations dictate your decisions. Continue to monitor data changes and wait for the market to give clearer answers.