Bitcoin ETF Ends Seven-Day Winning Streak, Bitcoin Price Pressure Returns

The US Bitcoin spot ETF experienced seven consecutive days of net inflows before turning to outflows. On the 18th, it lost $163.5 million in a single day, followed by a $51.9 million outflow on the 19th. Meanwhile, Bitcoin retreated from its weekly high, briefly falling below $70,000, indicating a simultaneous weakening in both capital flow and price.

This week marked a clear turning point for Bitcoin ETFs. After seven consecutive trading days from March 9 to March 17, during which approximately $1.162 billion was attracted, the momentum reversed starting March 18, with a single-day net outflow of $163.5 million, and another $51.9 million outflow on March 19, ending the previous bullish streak. The market initially hoped that ETF buying would continue to support Bitcoin above $70,000, but amid hawkish signals from the Federal Reserve, rising oil prices, and increased geopolitical risks, capital sentiment has shifted noticeably toward caution.

According to data, Bitcoin ETFs saw net inflows of $199.4 million on March 16 and 17, continuing the previous week’s inflow trend. However, on March 18 and 19, they turned to net outflows. Based on the current weekly data, from March 16 to 19, there was still a net inflow of $183.4 million over four trading days, but the trend has shifted from “steady accumulation” to “stalling in the later stage.”

Looking at product categories, the recent weakness is mainly driven by major products pulling back. On March 18, BlackRock’s IBIT experienced a daily outflow of $33.9 million, Fidelity’s FBTC outflowed $103.8 million, and Grayscale’s GBTC also saw an outflow of $18.8 million. On March 19, FBTC further outflowed $26 million, with BITB, ARKB, and GBTC also recording outflows. This indicates that the current adjustment is not just a temporary fluctuation of a single product but reflects a broader decline in institutional risk appetite.

Bitcoin: Still Not Fully Stabilized After Falling Below $70,000
According to Binance data, Bitcoin was trading around $70,756.93 at the time of writing, with a 24-hour low of $68,805.52 and a high of $71,227.75. Over the past 24 hours, it declined about 0.75%, and over the past week, it has slightly decreased by 0.8%. Although it hasn’t experienced the sharp sell-off seen in early February, the $70,000 level has been tested again, and the low has clearly broken below this key support.

This is crucial because ETFs typically do not directly determine price direction but tend to reinforce existing trends: inflows amplify bullish momentum when prices rise, while outflows can intensify bearish sentiment when prices weaken. The reason Bitcoin’s recent rebound to around $74,000 and subsequent drop back to the $70,000 level is noteworthy is that it signals the rebound, driven by capital, is not yet fundamentally solid.

ETF capital flows are ultimately lagging indicators; the price is the market’s most immediate response to the overall environment. The recent decline from highs is not solely due to ETF outflows but also reflects a rapidly deteriorating macro environment. The market is digesting the Fed’s hawkish stance, rising oil prices due to escalating Middle East tensions, and a clear risk-off sentiment. Traders have also pushed back expectations for a rate cut in the US to mid-2027, which puts pressure on highly liquidity-dependent and risk-sensitive assets like cryptocurrencies.

Although seven consecutive weeks of ETF inflows initially created a bullish atmosphere of “institutional capital returning,” the actual driver of this week’s price movement is macroeconomic factors rather than just capital flows. When the Fed adopts a hawkish stance, energy prices surge, and geopolitical risks increase, Bitcoin—even with some ETF support—cannot fully escape the global risk asset pricing framework. This explains why ETF inflows in the first half of the week did not translate into a sustained higher price level.

From this week’s market view, $70,000 has become a short-term key level for bulls and bears
From both technical and sentiment perspectives, the importance of the $70,000 level has been reinforced. It’s not just a psychological milestone but also a market confidence indicator for whether the rebound can continue. Binance data shows that Bitcoin has risen about 4.63% over the past 30 days, but has fallen 23.64% over the past 60 days and 19.75% over the past 90 days, indicating that the medium-term structure has not yet fully recovered. In other words, this week’s price decline is not an isolated event but more like a rebound in a broader medium-term weakness that has encountered resistance.