[Analyst: U.S. Bitcoin ETFs Have Seen a Net Outflow of 135,000 BTC Since October Last Year] CryptoQuant analyst Axel Adler stated in a post that U.S. spot Bitcoin ETFs have experienced a cumulative outflow of approximately 135,000 BTC since their peak in October 2025, with total holdings dropping from 745,890 BTC to 610,280 BTC, a decline of about 18%. The 30-day moving average net flow has fallen to around -102,000 BTC, the lowest level since the launch of ETF products. On a weekly flow basis, the past four weeks have all recorded net outflows, totaling approximately 64,000 BTC, with the most recent week showing -29,500 BTC. The report noted that ETF demand has shifted from being a cyclical driver to a source of market pressure, with the structural absence of institutional buying leaving the market lacking upward momentum. Signs of improvement will require the 30-day moving average net flow to return above the zero axis and at least one week of net inflows.