In the past 24 hours, total liquidations across the network reached $239 million, with short positions accounting for 84%. Bitcoin rebounded to $63k, but US Bitcoin spot ETFs saw a net outflow of $526.1 million this week.

While shorts are being liquidated, institutional funds are exiting. Two forces are tearing the market apart: intense on-chain leverage battles and continuous capital outflows from ETFs.
The liquidation of short positions indicates that short-term speculation is heating up, but the consecutive outflows from ETFs reveal the cautious attitude of long-term capital. Whether the rebound can be sustained depends on whether new funds can fill the gap left by institutional withdrawals.
CryptoQuant analysts pointed out that ETF selling pressure has eased for the first time, but a net outflow of $500 million in a week still shows that institutional sentiment has not reversed. On-chain data shows that active investors have an average unrealized loss of about 20%, and the market remains under pressure.
Rebound and flight coexist. Under this structural divergence, any unilateral bet may be disrupted by the other force.
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