In a significant shift, Bitcoin investors withdrew $635 million from U.S. spot exchange-traded funds (ETFs) on Wednesday, marking the largest single-day outflow since late January. This withdrawal is part of a broader trend, with total outflows reaching $1.26 billion over the past five trading days. Bitcoin's price has struggled to maintain momentum, currently sitting at around $79,400, below the 200-day moving average of approximately $82,000. Analysts attribute the price decline to renewed inflation concerns in the U.S., despite the Nasdaq and S&P 500 indices reaching new highs. The relationship between ETF flows and Bitcoin's price has weakened, with a recent correlation study showing a Pearson coefficient of just 0.16, indicating that ETF flows may no longer reliably predict Bitcoin's price movements. The market is now questioning whether macroeconomic conditions will allow for positive net flows to continue supporting Bitcoin's price.