The latest weekly funding data is quite interesting. The US spot Bitcoin ETF has experienced a total net outflow of $680.9 million, indicating that institutions are reducing their holdings significantly.



Specifically, the most notable outflows are from FBTC (net outflow of $481.2 million), and Grayscale's GBTC also saw outflows of $171.8 million. ARKB, HODL, and others are also moving out.

However, some products are still attracting funds—IBIT received $25.9 million this week, while BTCO and EZBC had net inflows of $15 million and $13.6 million respectively. BRRR, although small in size, also saw an inflow of $7.2 million this week.

Overall, the outflows from mainstream ETFs are quite prominent. FBTC, as the second-largest spot Bitcoin ETF, continues to lose holdings. In this context, market sentiment shows a clear tug-of-war between bulls and bears. The redistribution of funds and the shifting points of focus are worth paying attention to.
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