Bitcoin spot ETFs have seen four consecutive months of outflows as BTC faces a fifth negative monthly close in February. Holdings have dropped from $170 billion to $84.3 billion, with net inflows falling to $54 billion from an all-time high of $63 billion. Selling pressure has led to a decline in BTC balances.

In the past two years, Bitcoin and gold ETFs have rotated leadership based on 90-day rolling flows. Bitcoin peaked at $16 billion in March 2024, while gold saw negative flows until July 2024 and peaked at $36 billion in October 2025. Gold has captured incremental capital during risk-off phases.

The first quarter of 2026 is classified as a “late-cycle restrictive digestion” phase for equities and crypto markets by ITC Crypto founder Benjamin Cowen. Real yields in the fixed income markets are positive, making holding non-yielding assets like Bitcoin less appealing. Historically, Bitcoin demand weakens before equities show stress.

Read more at Cointelegraph: Spot Bitcoin ETF Demand Slows Down In 2026: Here’s Why