There has been a total outflow of $1.74 billion from US spot Bitcoin exchange-traded funds (ETFs) recently. New analysis published by CryptoQuant found that this figure demonstrates the structural weakness underlying the fragile recovery in the market. The fact that the Coinbase Premium indicator, where large portfolio managers and institutional investors tend to concentrate, turned deeply negative, indicated that large buyers preferred to stay on the sidelines at this stage.
The withdrawal of the whale and the return of old coins
In the same report, it was stated that Bitcoin net inflows on the Binance exchange increased by 425 percent. The movement of old coins that have been waiting in wallets for a long time to the exchanges is generally considered as taking profit or taking precautions against possible price drops. In addition, a significant decrease in stablecoin net flows on Binance was also recorded. While the inflow of new liquidity into the market weakens, the gap between existing capital and new investments is gradually widening.
Mini dictionary: Coinbase Premium is a metric that shows how higher or lower the price of Bitcoin on the US-based exchange Coinbase is than the global average. If it is positive, it reflects institutional and large buyer demand in the spot market.
Individual rally in futures markets and leveraged transactions
Open interest in Bitcoin futures remains well behind its peak in late 2025. According to CryptoQuant data, the current open position amount is at the level of 25.3 billion dollars, while the Bitcoin price moves in the range of $ 76,700. At the peak in October last year, this amount exceeded 47.5 billion dollars. In futures markets, a different picture emerges from classical chart analysis; There is also an increase in funding rates, especially as individual investors concentrate on long positions. The funding rate is in positive territory. This shows that the market is heavily loaded with leveraged long positions.
| Indicator | Latest Status | Past Summit |
|---|---|---|
| Bitcoin Open Position | $25.3 billion | $47.5 billion (October 2025) |
| Bitcoin Price | $76,700 | $65,000 (February 2026, adjustment period) |
| ETF Net Outflow | $1.74 billion | $1.04 billion (May 2026, single week) |
The market is becoming unbalanced: Risk grows as supply exceeds demand
According to analysis shared on CryptoQuant, Bitcoin’s apparent demand has dropped to almost minus 147,000 BTC. In other words, this amount of supply finds its place in the market without new demand. While large investors and those who have held Bitcoin for a long time are more cautious; Individual investors continue to take risks with leveraged long positions.
In the analysis published by CryptoOnchain, it was stated that “Big players across the market have stepped aside. The number of old coin holders moving their assets to the exchanges has increased rapidly. At the same time, spot ETFs are experiencing historical outflows, but individual investors are accumulating long positions in anticipation of the rise.”
It was reminded that in past market corrections, such as in February 2026, periods when funding rates increased to this level and open positions decreased, paving the way for significant declines in the Bitcoin price. It was stated that investors who were in long positions, especially at the beginning of 2026, suffered great losses due to rapid liquidations, and Bitcoin fell below 65 thousand dollars in that period. All these indicators point to a market in which the current situation has seen an extreme risk appetite and a lack of institutional demand.
