Bitcoin has struggled to regain momentum in recent weeks, plummeting to a seven-month low of $85,000 across various exchanges. This decline marks a loss of over $20,000 within just ten days since its peak of $107,000 on November 11.

Analysts are raising concerns about the market stability, as investors fear that bearish trends might dominate. According to data from Bianco Research’s Jim Bianco, the average Spot BTC ETF holder is currently at a loss. > The average Spot BTC ETF holder is now in the red. pic.twitter.com/fMb5ln2we7

The ETF market has experienced substantial pain, with significant withdrawals noted earlier this week from BlackRock’s IBIT. Recent reports indicate that $355.5 million left the fund just yesterday, resulting in net outflows totaling $903.2 million for the day. Despite a slight reprieve with a net inflow of $75.4 million on Wednesday, the negative trend has resumed, compounding total net outflows to a staggering $1.455 trillion for the week so far.

In just four trading days, IBIT has recorded outflows of $1.09 billion, which JPMorgan attributes to the ongoing ETF exodus. The recent price drop could also be linked to macroeconomic developments from Japan, where Prime Minister Sanae Takaichi approved a $135 billion stimulus package aimed at supporting household finances and stimulating economic growth.

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In addition, on-chain data from Arkham Intelligence indicates that a notable OG whale named Owen Gunden has liquidated their entire BTC holdings worth about $1.3 billion in recent months, with the latest transaction moving $230 million worth of Bitcoin to Kraken.