The bitcoin price has come under renewed pressure this week after Spot Bitcoin ETFs recorded their second-largest daily outflow on record. As fears grow over macroeconomic uncertainty and short-term profit-taking, traders are closely watching key metrics to determine whether this is a temporary correction—or a warning signal.
ETF Outflows Hit $812M in a Single Day
According to SoSoValue, Spot Bitcoin ETFs saw $812.25 million in net outflows on August 1. This marks the sharpest capital flight from the sector since May and comes after a multi-week period of inflows that had helped push BTC above $120K.
Source: SoSoValue
Although total assets under management in Bitcoin ETFs remain high—hovering above $146 billion—this sudden exit suggests that short-term holders and institutions may be hedging ahead of key inflation and regulatory events. Historically, ETF outflows of this size tend to trigger short-term market volatility, especially when coupled with other forms of derisking.
Open Interest Declines Alongside Market Sentiment
The decline in ETF exposure has been mirrored by a sharp drop in open interest across Bitcoin derivatives. Data shows that futures positions have been unwound at pace, indicating a shift toward reduced risk appetite and lower leverage among traders.
Source: CryptoQuant
This coordinated decline in open interest and ETF holdings often signals broader market uncertainty. It’s also a common precursor to local bottoms, as the flushing of excessive leverage clears the path for more sustainable growth. However, if open interest continues to fall in the coming days, it could put further pressure on spot prices.
Bitcoin Price Tests Key Support Around $113K
After peaking near $122,000 in late July, the bitcoin price has now fallen back to the $113K level. While this is still within the broader uptrend established since March, the loss of short-term momentum and weakening ETF demand raises concerns about whether BTC can maintain this zone.
Source: Tradingview
The daily chart shows decreasing volume on the recent leg down, which may indicate that the current pullback is more about profit-taking than panic selling. If buyers can defend the $111K–$113K range, Bitcoin could enter a healthy consolidation phase. Otherwise, a drop below $110K could open the door to further downside.
Final Thoughts: What’s Next for the Bitcoin Price?
Despite the $812M outflow and visible drop in open interest, the bitcoin price remains in a structurally strong position over the mid-term. Total ETF holdings are still near record highs, and macro demand for digital assets remains supported by ongoing inflationary pressure and institutional strategies.
In the short term, however, all eyes are on how quickly the market absorbs this wave of selling. If ETF flows recover and open interest stabilizes, the current correction may turn out to be just another buying opportunity in an ongoing bull cycle.
