Specifically, mainstream ETFs such as Fidelity (FBTC) and BlackRock (IBIT) have experienced significant outflows. Recently, there have been no new net inflows, and all 12 ETFs are collectively in the red. This indicates that large-scale holders (especially institutions) are reducing their allocations to crypto assets. The main reasons behind the capital exit are the global macroeconomic uncertainty, tightening market liquidity, and declining investor confidence. Data shows that over the past five weeks, all Bitcoin ETFs have been redeemed for more than $4 billion. Some analysts believe this is the longest unilateral capital withdrawal since early 2025.