US spot Bitcoin ETF has recorded capital outflows for five consecutive trading days, with a total amount of approximately $1.44 billion.

BlackRock's subsidiary, IBIT, has borne nearly three-quarters of the redemption pressure.

Despite facing broader selling pressure, MSBT of Morgan Stanley still attracted approximately $51 million in funds over three trading days.

The fear surrounding Bitcoin does not necessarily imply a bear market.

On-chain analyst Willy Woo believes that mere fear cannot confirm a bear market cycle. He pointed out that historical patterns show that fear only becomes a true bear market signal when prices continue to hit new lows.

The Bitcoin Fear and Greed Index has shifted from the greed zone to the fear zone. Woo believes that this change in sentiment may represent an opportunity to buy, rather than an immediate reason to issue a warning.

However, the data for Santiment presents a less optimistic picture. Currently, there are more bearish comments regarding BTC, ETH, and XRP than bullish ones. As the NASDAQ index tumbled significantly, fear indicators on Wall Street also soared.

IBIT dominates the recent selling pressure of ETF.

Over a period of five consecutive days, the total amount of capital outflows amounted to approximately $1.44 billion. Nearly three-quarters of this amount is said to have come from the fund BlackRock.

This pressure is not a new phenomenon. On November 2nd, IBIT recorded a capital outflow of $405.3 million, which is the largest single-day outflow since June. The capital outflow mentioned here refers to customers redeeming their holdings, and it is not BlackRock liquidating its own positions.

The buying momentum of Morgan Stanley provides an important exception.

The Bitcoin trust (MSBT) under Morgan Stanley presents a different situation. This product attracted approximately $51 million in total on Monday, Tuesday, and Wednesday.

Meanwhile, Grayscale Bitcoin Trust ( GBTC ) continues to experience capital outflows. Despite recent selling pressure, the cumulative net inflow of spot funds since their launch in 2024 is still approximately 55 billion US dollars.

For BTC, the current issue is whether institutional demand can stabilize. The outflow of funds from Bitcoin ETF is still considerable, but from a broader perspective, this does not mean that institutional funds have completely withdrawn.