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Bitcoin’s Upside Is Constrained by ETF Outflows

Bitcoin ETFs Report, February 2026

Ecoinometrics

Feb 4

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Bitcoin’s price is under pressure again. And at this stage, the real question is whether the selling pressure is starting to fade, or whether the market is still working through a deeper correction.

When price action gets choppy and every move spawns a new explanation, it’s easy to lose the plot by debating narratives. Is it a crypto problem? Is it AI fears driving tech stocks down and forcing Bitcoin liquidations at the time? Certainly it is a bit of everything. But a more useful approach is to step back and look at where actual demand is coming from.

In this cycle, the clearest and most observable source of sustained demand has been spot Bitcoin ETFs. So rather than trying to guess whether price has found a bottom let’s look at ETF flows and what they tell us about the return environment Bitcoin is operating in.

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