Bitcoin demand remains weak, with ETFs experiencing net outflows for nine consecutive days, totaling $2.8 billion.

According to Huoxun Finance, Bitcoin is currently stabilizing around $73,500, down about 10% from its high of $81,000 this month, underperforming other risk assets. The spot Bitcoin ETF has seen net outflows for nine consecutive trading days, setting a new record for the longest outflow, with a cumulative net outflow of approximately $2.8 billion, indicating weakening new buying. Year-to-date, Bitcoin has lagged behind popular sectors such as AI and semiconductors, and some institutions are reducing their Bitcoin exposure and allocating funds to stronger-performing assets. Glassnode believes that current ETF inflows and spot demand are insufficient to support a return of BTC above $78,000. CryptoQuant data shows that long-term holders' holdings have reached a record 15.8 million BTC, with this growth partly due to investors not trading for extended periods rather than new purchases. Polymarket data shows that the market consensus expects BTC to close in the $72,000 to $76,000 range by the end of this month. Altcoins are performing better relative to BTC; the altcoin index (excluding the top ten cryptocurrencies) has risen above its 50-week exponential moving average. If it maintains this level at the close this week, altcoins may still have about 20% upside potential relative to BTC.