At the beginning of the week, Bitcoin ETFs experienced a lackluster performance, with no net inflows recorded across all funds on the previous day. This tepid start reflects a growing sense of caution among investors, as negative sentiment seems to be intensifying.

In the derivatives market, the leading cryptocurrency is seeing an uptick in put contract volumes, which is consistent with a more optimistic view. However, this optimism contrasts with the broader trends observed in the spot market.

On Monday, there was a significant capital withdrawal from Bitcoin spot ETFs, reaching a seven-day high of $109.21 million. This development follows the recent cryptocurrency market downturn, which resulted in over $1 billion in liquidations over the weekend.

Data from SosoValue reveals that Grayscale's ETF, GBTC, witnessed the largest net outflow on Monday, amounting to $74.01 million. As a result, the fund's assets under management have dropped to $22.70 billion.

Invesco and Galaxy Digital's BTCO trailed closely behind with the second-highest daily outflow of $12.86 million. At the time of reporting, BTCO's cumulative historical net inflow remained at $85.32 million.

It is worth noting that none of the twelve Bitcoin spot ETFs registered a net inflow yesterday. This pattern underscores a widespread retreat in institutional participation at the start of the week.

As Bitcoin struggles to maintain levels above $80,000, trading activity is continuing to wane. This is evident in the declining futures open interest, which currently stands at $50.95 billion, reflecting a 2% decrease compared to the previous day's price.

Interestingly, during the same period, Bitcoin's price has increased by 3% as the market attempts a rebound. When an asset's futures open interest decreases while its price rises, it often suggests that the upward movement may be due to short covering rather than new buying pressure.

This scenario implies that Bitcoin futures traders are likely closing their bearish positions, temporarily boosting the price.

Nevertheless, even with the decline in Bitcoin's price and open interest, the stable positive funding rate indicates that sentiment remains largely bullish. Traders are still willing to pay a premium to maintain long positions, signaling sustained optimism regarding the asset's short-term price direction.

On the derivatives front, the picture is less favorable. Investors are increasingly opening put options, reinforcing the bearish expectations for the asset's price.

This move suggests that Bitcoin traders are positioning themselves for potential downside risks and anticipating a drop in the price.

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