Investors pulled $171.2 million from US spot Bitcoin ETFs, marking the largest daily net outflow in three weeks. The sell-off was led by $41.9 million exiting iShares Bitcoin Trust, while Fidelity, Bitwise and Ark funds each saw outflows exceeding $30 million. Despite the recent withdrawals, earlier inflows during periods of price weakness indicate that institutional investors continue to hold long-term positions in Bitcoin. The market’s failure to trigger forced liquidations during this downturn suggests a more resilient investor base. The US 10-year Treasury yield has climbed 45 basis points to 4.40%, enhancing the appeal of government bonds over non-yielding assets. Analysts warn that further increases toward the 4.50%–4.60% range could accelerate portfolio rebalancing away from Bitcoin ETFs.