Rising Bitcoin ETF outflows and liquidations signal short-term caution, but a weak DXY and the eventual appointment of a new Fed chair could resume the rally. Bitcoin (BTC) stagnated near $80,000 on Friday following a rejection at $82,500. Traders grew anxious after US-listed spot Bitcoin exchange-traded funds (ETFs) posted $268 million in net outflows on Thursday. Meanwhile, $270 million in leveraged bullish Bitcoin futures positions were liquidated within 24 hours, forcing investors to evaluate whether a sustained bear market is finally taking hold. Bitcoin US-listed spot ETFs daily net flows, USD. SoSoValue The reversal in Bitcoin spot ETF flows on Thursday broke a four-day positive streak. This shift is particularly notable because the S&P 500 Index surged to an all-time high on Friday. There is no evidence of a broad derisking trend across traditional markets, as the US small-cap Russell 2000 Index remains within 2% of its own record peak. Underwhelming earnings reports from Coinbase and Robinhood indicated a sharp drop in retail engagement, sparking concerns about Bitcoin’s bull run sustainability. Coinbase recorded a 31% revenue decline compared to the first quarter of 2025, while crypto-related revenue on Robinhood plummeted by 47% over the same period. Exchanges’ top traders Bitcoin long-to-short ratio. CoinGlass Top traders at Binance have slashed their Bitcoin longs to the lowest levels in over four weeks. In contrast, whales and market makers at OKX added bullish exposure as the Bitcoin price broke above $80,000 on Tuesday, but they subsequently reduced those positions on Friday.