Analyst: US Bitcoin ETFs have cumulatively outflowed 135,000 BTC since October last year

CoinFeed June 29 news, CryptoQuant analyst Axel Adler posted that since the peak in October 2025, US spot Bitcoin ETFs have cumulatively outflowed about 135,000 BTC, with cumulative holdings dropping from 745,890 to 610,280 BTC, a decrease of about 18%. The 30-day moving average net flow has fallen to about -102,000 BTC, the lowest level since the ETF product launched. Regarding weekly flows, the last four weeks have all been net outflows, totaling about 64,000 BTC, with the latest week at -29,500 BTC. The report points out that ETF demand has shifted from a cycle engine to a source of market pressure, and the structural absence of institutional buying leaves the market lacking upward momentum. A signal of improvement would require the 30-day moving average net flow to return above the zero line and at least one week of net inflow.