US-listed spot Bitcoin ETFs experienced $1.13 billion in net outflows over three days, reversing a strong inflow trend from early 2026. Despite a high institutional support floor, on-chain demand metrics for Bitcoin have turned negative, indicating weak new capital absorption and potential price stagnation. Simultaneously, macroeconomic factors such as a rising gold reserve share and fluctuating US dollar strength are contributing to a rotation of capital away from crypto toward traditional safe havens.

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