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US spot Bitcoin (BTC) ETFs are experiencing significant outflows, losing a substantial $410 million on Thursday as Bitcoin fell below $66,000.
This is a setback for bulls anticipating a swift recovery. The institutional influx has not only ceased; it is now reversing.
This represents the second consecutive day of considerable losses for the ETFs, accumulating a two-day total of over $686 million. BlackRock’s IBIT suffered the most, with an outflow of $157.56 million, while Fidelity’s FBTC followed closely with $104 million in withdrawals. Even the established players are yielding.
The catalyst? Stronger-than-expected payroll data has led traders to eliminate expectations for Fed rate cuts more rapidly than one can say “liquidation.”
Global sentiment is shifting quickly: while some regions remain ambivalent about crypto, others are actively gearing up for worldwide adoption.
Nonetheless, the strain from such significant outflows is undeniably increasing and underscores systemic risk from a sudden, rapid withdrawal of institutional capital.
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Is the Institutional Support Crumbling?
Let’s examine the charts. Bitcoin is trading just above $67,000, a harsh 47% decline from its all-time high of $126,080 in October 2025.
The broader economic landscape is deteriorating, prompting major banks to lower their forecasts. Standard Chartered now predicts BTC could potentially drop to $50,000. Meanwhile, JP Morgan has revised its production cost estimate to $77,000, citing a decrease in hashrate and mining difficulty.
It’s not only spot markets signaling alarms. We are observing concerning indicators in derivatives, reminiscent of recent whale perpetual spikes that imply significant investors are hedging aggressively against further declines.
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When large investors begin to safeguard their positions this intensely, it warrants attention.
Compounding the situation, troubling new research regarding systemic risks has emerged, leaving retail traders questioning the safety of their assets. The anxiety is tangible, creating a feedback loop that drives prices lower.
Even Bitcoin’s most prominent advocate, Michael Saylor, the founder of the largest Bitcoin treasury firm, Strategy, seems uncertain about Bitcoin’s future direction.
First time I’ve seen Saylor look nervous speaking publicly.
He can’t say anything else, but deep down he knows extreme downside scenarios aren’t impossible.$BTC pic.twitter.com/PS3NDZhYao— Alejandro₿TC (@Alejandro_XBT) February 11, 2026
What to Monitor Next
If you’re considering entries, proceed with caution. The $60,000 psychological threshold is now the critical line. If that level is breached, the $50,000 bearish target could become a frightening reality almost instantly.
Source: TradingView
Monitor the flow data closely on platforms like SoSoValue. Until we observe positive inflows returning, attempting to catch this falling knife is precarious.
However, for the daring contrarians, this dip may present an opportunity akin to the best crypto plays identified earlier this week.
Volatility can swing both ways. Keep an eye on the forthcoming inflation reports. If the data cools, inflows could reverse. But for now? Cash may remain dominant for a while longer.
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