Institutional conviction for $BTC is facing its toughest test of 2026. Over the last 10 days, as price retraced from the ~$97K peak to the ~$90K support zone, we’ve witnessed a massive $1.8B outflow from spot ETFs. This is a major warning sign that the institutional 'buy-the-dip' engine is losing steam.
On-chain metrics validate this bearish shift, with Net Realized Profit/Loss flipping into negative territory for the first time since 2023. This confirms that recent buyers are no longer holding; they are panic-selling and realizing losses to escape the volatility.
As institutional liquidity continues to dry up, the risk of a deeper correction is mounting. The critical level everyone is watching now is $85K—if this floor breaks, the market structure could face a full-scale reset.
