The significant weakening of new capital inflows in the Bitcoin market, along with changes in critical on-chain indicators, led to prices remaining under pressure. Based on the analysis of comprehensive on-chain data, it appears that the asset’s market value growth has stalled and recent fresh money inflows have been insufficient to support current prices.
Decline in Institutional Interest
A total net outflow of 10,600 BTC from spot Bitcoin ETFs traded in the USA as of 2026 indicates that, unlike the previous year, the interest of institutional investors has decreased. While tens of thousands of Bitcoins were purchased monthly through these products in the past, it is observed that the demand has decreased in the current situation. The Coinbase Premium Index also confirms the weakening in demand from US investors and remains mostly negative or stable.
Fear and Shyness as Liquidity Decreases
At the same time, there is a decline in stable crypto assets. The total market value of USDT is shrinking for the first time in a long time. Analysts point out that investors have shifted their portfolios to more protected assets such as the US dollar, and they evaluate that this reflects a period in which risk appetite has generally decreased.
Negative signals also come to the fore in technical indicators. Bitcoin’s price fell below the 365-day moving average for the first time since March 2022. Falling below this level is historically interpreted as the beginning of prolonged periods of decline. The Fear and Greed Index dropped to 9, revealing that the market had moved into the “extreme fear” zone.
New Investment Channels for Retail
ING Deutschland took a new step in Germany and started to offer regulated crypto investment opportunities to individual investors with ETN products. With this move, the bank aims to increase global reach. However, the general liquidity conditions in the market remain weak, indicating that Bitcoin is still traded as a volatile and risk-oriented asset.
According to experts’ evaluations, Bitcoin is also highly consistent with the downward trend in technology stocks. The safe haven function has not yet come to the fore and price movements are generally shaped by the general risk appetite in the market.
In the evaluation included in the on-chain analysis presented by CryptoQuant, it was stated that new investor entries have been negative recently and the sales wave has not been met with fresh capital:
New investor inflows have moved into negative territory. Selling pressure is not offset by new entries. In bull periods, withdrawals are quickly covered by additional capital, while in the early stages of a bear market, weakness causes capital withdrawal.
As a result, the decrease in both institutional and individual investor demand and the contraction in liquidity reveal that the current risks and hesitancy in the Bitcoin market have increased significantly.
