Mountain Summit Production: Massive “Capital Retreat”—ETF Records Soar for Outflows, Institutions “Vote with Their Feet”

Liquidity is showing signs of systemic bleed-out. U.S. spot Bitcoin ETFs are seeing the longest net outflow streak in history—net outflows have continued for 6-7 straight weeks, and net redemptions in the past 30 days have reached $6.35 billion, setting a record high. Total assets under management have fallen from about $113 billion at the start of the year to roughly $77.5 billion. The Coinbase Premium Index remains persistently negative, signaling that U.S. investors’ buy-side demand is extremely weak.

🏦 Confidence “Gored to Shreds”: Largest Buyer “Under Scrutiny,” Retail Investors Exit En Masse

The market’s biggest narrative shift comes from Strategy (formerly MicroStrategy). As the largest corporate buyer (holding about 847,000 BTC), it has recently purchased only 520 BTC (the smallest weekly buying amount in 18 months), and its share price has dropped to the lowest level since February 2024. The market has begun to question whether its “issuing debt to buy Bitcoin” flywheel model can be sustained. At the same time, many retail investors who entered at high prices are sitting on losses, with very low willingness to add positions; their attention has shifted to AI-concept stocks.
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