BlackRock’s spot Bitcoin ETF, IBIT, has been acting pretty strangely lately.

For five consecutive weeks, over $2.7 billion has flowed out. On Thursday alone, another $113 million left, putting it on track to set a record for six straight weeks of net outflows.

I don’t think it’s that simple. Glassnode’s analysis makes sense—the most powerful force that was previously pushing Bitcoin’s price up, namely the steady inflow of institutional money, has clearly weakened. The market’s purse strings have tightened, and new money is hesitant to jump in.

What does this mean for the market? There’s definitely pressure.
This wave of institutional moves is essentially dumping a large amount of spot supply onto the market. Bitcoin has fallen quite a bit from its October highs. Those days when you could just sit back and profit from one-sided ETF-driven rallies are probably over for now.

So what should regular investors do? Stay calm, but adjust your strategy.
Don’t expect to just wait around for a rebound anymore, and don’t rush to buy the dip at every pullback. Bulls and bears are battling it out, and neither side is convincing the other.

Here’s what I think: if you’re heavily invested, consider trimming some positions during rebounds to lock in profits and protect your principal. If you want to add more, it’s best to wait until market sentiment truly stabilizes and there are clear signs of a bottom. Protecting your principal is more important than anything.

Behind this wave of capital outflows, there are actually clues pointing to a shift in market style. Smart money may already be quietly positioning elsewhere. What retail investors should do is wait patiently for opportunities and, when the time comes, act quickly and decisively.