📉 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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