U.S. spot Bitcoin ETFs have experienced a significant outflow of approximately 135,000 BTC since their peak in October 2025, according to CryptoQuant analyst Axel Adler. The total holdings have decreased from 745,890 BTC to 610,280 BTC, marking an 18% decline. The 30-day moving average net flow has dropped to around -102,000 BTC, the lowest since the ETFs were launched. Over the past four weeks, there has been a net outflow of about 64,000 BTC, with the latest week accounting for -29,500 BTC. The report highlights that ETF demand has shifted from being a cyclical driver to a source of market pressure, with the structural absence of institutional buying limiting upward momentum. A positive signal would require the 30-day moving average net flow to return above the zero axis and at least one week of net inflow.