[Analyst: Bitcoin ETF Outflows and Weak Spot Demand Combine to Pressure Market] CryptoQuant analyst Axel Adler Jr. wrote that US Bitcoin ETFs saw a cumulative outflow of $969 million over five trading days, a decrease of $766 million in a week, and have been at this level or lower for only 15% of trading days in the past year. Meanwhile, the Coinbase premium is -0.14%, having been negative for 70 consecutive days, one of the lowest readings in the past year, indicating weak demand in the US spot market. The analysis states that both indicators support the judgment that the market will continue to adjust, and this view will only change if both fund flows and spot demand turn positive. The article mentions that a similar combination last occurred on July 2, 2026, when the Bitcoin price was $61,560, and the price rose 2.1% a month later.