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CryptoQuant analyst Darkfost stated that the liquidity outflow from Bitcoin ETFs is continuing. Since 2026, more than 100k BTC have flowed out of ETF issuer reserves, marking the first time this scale has been reached since the launch of spot Bitcoin ETFs. Darkfost noted that if calculated from the peak ETF holdings in October 2025, related entities have cumulatively sold over 160k BTC, with estimated losses exceeding $11 billion in value—the largest drawdown in history. He also pointed out that the realized price for ETF holdings is approximately $73k, meaning many ETF-related holders are currently in a state of unrealized losses.