#BTCETFOutflowRecord Institutional Bitcoin demand is facing one of its biggest stress tests since spot ETFs launched. U.S. spot Bitcoin ETFs have now recorded 13 consecutive trading days of net outflows, removing approximately $4.33B from the market since May 15. The broader 20-day outflow figure has reached $5.42B, setting new records across multiple rolling periods. At the same time, Strategy remains the largest corporate Bitcoin holder with 843,706 $BTC accumulated at an estimated cost basis of $63.9B. Despite long-term conviction, the company is currently sitting on roughly $10B in unrealized losses, while its six-year $BTC accumulation period has underperformed the $SPX gain of 116%. The key debate is whether ETF outflows represent weakening Bitcoin demand or simply a rotation of capital into faster-growing themes such as AI infrastructure and next-generation technology investments. For bulls, sustained institutional ownership and corporate treasury adoption remain intact. For bears, record ETF withdrawals raise questions about near-term liquidity and investor appetite. The next major move for $BTC may depend less on crypto-native demand and more on where global capital chooses to flow next. Smart money isn’t necessarily leaving the market—it may be rotating from one opportunity to another. $BTC $MSTR $SPX #BTCETFOutflowRecord #HYPEHolderRotation @OKX Orbit @OKX星球