Woofun AI reports that asset managers have liquidated more than 100,000 BTC from spot Bitcoin ETFs this year, marking a persistent bearish trend among institutional holders. This net outflow figure represents only the current year's activity, while total sales since Bitcoin peaked last October now exceed 160,000 BTC. The capital exodus is valued at over $11 billion, indicating a severe contraction in demand for the largest digital asset.

The current realized price for BTC holders sits around $73,000, placing most investors who entered through these funds in negative territory as spot prices trade well below that threshold. This downturn impacts all market participants, including major proponents like BlackRock, which had previously driven significant inflows into the sector.

Woofun AI data shows the sustained sell-off reflects a fundamental shift in sentiment among institutional players who once fueled the ETF boom.

Structurally, the liquidation wave suggests a broader risk-off approach across the crypto market, heavily influenced by macroeconomic pressures and ongoing regulatory uncertainty. The divergence between the $73,000 realized cost basis and current market levels confirms that institutional capital is exiting at a loss. This marks a decisive reversal from the accumulation phase seen earlier in the cycle.