Spot ETFs can't hold up anymore, indicating it's not retail investors selling, but major players pulling out.

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BlockBeatNews
Coinbase Bitcoin Premium Index records negative values for 6 consecutive days
BlockBeats reports that, according to Coinglass data, Coinbase Bitcoin premium index has been in negative premium for six consecutive days, currently at -0.0919%. Bitcoin spot ETFs continue to see outflows, indicating weak purchasing power in the U.S. market. The index measures the price difference between Coinbase and the global average; negative premium typically indicates increased selling pressure in the U.S. market, decreased risk appetite, or capital outflows.
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