February 3 News, as Bitcoin (BTC) continues to weaken, U.S. spot Bitcoin ETF investors are under significant pressure. On-chain data from Glassnode shows that the average entry price for these investors is around $84,100, while the current BTC price has fallen back to around $78,000, and over the weekend even briefly dropped below $75,000, increasing unrealized losses to 8% to 9%. For funds entering the market through compliant financial products, this retracement is testing long-term confidence.
After the price broke below the “ETF cost band,” capital flows quickly reversed. Over the past two weeks, U.S. spot Bitcoin ETFs have experienced net outflows of approximately $2.8 billion to $3 billion, with more than ten billion-dollar redemptions occurring consecutively within this period. On January 21, 29, and 30, daily net outflows reached $708 million, $818 million, and $510 million respectively, indicating selling pressure has not eased. Although there was a brief inflow of about $420 million on February 2, it was not enough to change the overall trend.
The outflows are mainly concentrated in larger products. Analyst Jamie Coutts pointed out that there is no clear sign of “buying on dips” at the moment. Institutional net demand is mostly coming from a few asset-balance sheet buyers who still have ample cash reserves, and such demand is unlikely to support a long-term price recovery.
From a macro perspective, BTC has fallen more than 35% from its peak near $126,000 in 2025. Liquidity contraction, tightening financial conditions, and the decoupling of Bitcoin from traditional safe-haven assets have left the market lacking new upward momentum. Bloomberg quoted senior analyst Sean Rose from Glassnode, saying that investors are waiting for clearer macro signals and signs of price stabilization before deciding whether to increase their holdings.
Without new capital inflows, improved liquidity, or structural positive factors, the cycle of ETF capital outflows and price declines may continue. However, the total assets of the U.S. spot Bitcoin ETF still amount to approximately $104.48 billion, indicating that a long-term capital base remains. The future direction will depend on whether market confidence can be reestablished.
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