Bitcoin ETF Ends Seven-Day Rally, Bitcoin Price Pressure Resurfaces

The US Bitcoin spot ETF experienced seven consecutive days of net inflows before turning to outflows. On the 18th, it saw a single-day outflow of $163.5 million, followed by another outflow of $51.9 million on the 19th. Meanwhile, Bitcoin retreated from its weekly high, briefly falling below $70,000, indicating a simultaneous weakening in both capital flow and price momentum.

This week marked a clear turning point for Bitcoin ETFs. After seven consecutive trading days from March 9 to March 17, during which approximately $1.162 billion was attracted, the capital momentum reversed starting March 18, with a net outflow of $163.5 million on that day and another $51.9 million on the 19th, ending the previous bullish streak. Market expectations that ETF buying would continue to support Bitcoin above $70,000 were challenged by hawkish signals from the Federal Reserve, rising oil prices, and increased geopolitical risks, all of which shifted investor sentiment toward caution.

According to data, Bitcoin ETFs saw net inflows of $199.4 million on March 16 and 17, continuing the previous week’s inflow trend. However, on March 18 and 19, they turned into net outflows. Based on the current weekly data, from March 16 to 19, there was still a net inflow of $183.4 million over four trading days, but the trend has shifted from “steady accumulation” to “stalling in the later stage.”

Looking at product categories, the recent weakness is mainly driven by the major products pulling back. On March 18, BlackRock’s IBIT saw a single-day outflow of $33.9 million, Fidelity’s FBTC outflowed $103.8 million, and Grayscale’s GBTC also saw an outflow of $18.8 million. On March 19, FBTC again saw an outflow of $26 million, with BITB, ARKB, and GBTC also recording outflows. This indicates that the adjustment is not just a temporary fluctuation in a single product but reflects a broader decline in institutional risk appetite.

Bitcoin: Still Not Stabilized After Falling Below $70,000
According to Binance data, Bitcoin was trading around $70,756.93 at the time of writing, with a 24-hour low of $68,805.52 and a high of $71,227.75. Over the past 24 hours, it declined about 0.75%, and over the past week, it has slightly decreased by 0.8%. Although there hasn’t been a sharp sell-off like in early February, the $70,000 level has been tested again, and the low has clearly broken below this key support level.

This is crucial because ETFs typically do not directly determine price direction but rather reinforce existing trends: inflows tend to amplify bullish momentum, while outflows can deepen market concerns about slowing institutional buying. The reason Bitcoin’s price this week is particularly noteworthy is that it recently rebounded near $74,000 but has now fallen back to the $70,000 level, signaling to the market that the recent rally, although driven by capital, remains unstable.

Since ETF capital flows are ultimately lagging indicators, the price is the most immediate reflection of the overall market environment. The decline from recent highs is driven not only by ETF outflows but also by a rapidly deteriorating macro environment. The market is digesting the Fed’s hawkish stance, higher oil prices due to escalating Middle East tensions, and a clear risk-off sentiment. Traders have also pushed back expectations for a rate cut in the US to around mid-2027, which puts pressure on highly liquidity-dependent and risk-sensitive assets like cryptocurrencies.

While seven consecutive weeks of ETF inflows initially created a bullish atmosphere of “institutional capital returning,” the real driver of this week’s price movement is macroeconomic factors rather than just capital flows. When the Fed adopts a hawkish stance, energy prices surge, and geopolitical risks rise, Bitcoin—even with some ETF support—cannot fully escape the global risk asset pricing framework. This explains why ETF inflows in the first half of the week did not translate into sustained higher prices.

From this week’s market view, $70,000 has become a short-term critical support and resistance level
From both technical and sentiment perspectives, the importance of the $70,000 level has been reinforced. It’s not just a psychological milestone but also a key indicator of market confidence in whether the recent rebound can continue. According to Binance data, Bitcoin has gained approximately 4.63% over the past 30 days, but has fallen 23.64% over the past 60 days and 19.75% over the past 90 days, indicating that the medium-term structure has not fully recovered. In other words, this week’s price decline is not an isolated event but more like a rebound that faced resistance within a broader medium-term weakness.