Bitcoin (BTC) has managed to surpass $77,000 despite significant $2 billion outflows from spot Bitcoin exchange-traded funds (ETFs) in the past week, raising concerns about a potential price correction. The cryptocurrency's recent price movements have been closely linked to broader market trends, particularly the performance of the Russell 2000 Index and macroeconomic indicators. As Brent crude prices fell below $108, some relief was observed in risk markets, allowing Bitcoin to regain its footing. However, the substantial ETF outflows have led traders to reassess downside risks, especially with fears of a global economic slowdown looming. Furthermore, stablecoins in China are currently trading at a 0.4% discount, indicating a lack of investor appetite for cryptocurrencies and signaling capital flight from the market. The demand for downside protection has increased, with Bitcoin put options outpacing call options by 42%, reflecting heightened caution among traders. As the market awaits earnings reports from major tech firms like Nvidia, Bitcoin's ability to maintain bullish momentum remains uncertain, especially if these results disappoint investors.