Group 1: Bitcoin ETF Outflows - Spot Bitcoin ETFs experienced significant outflows of $277 million on December 16, marking the second consecutive day of outflows [2] - BlackRock's iShares Bitcoin Trust (IBIT) led the outflows with $210 million, while Bitwise's BITB followed with $50 million; Fidelity's FBTC was the only fund to see inflows of $26.7 million [2] - The total net assets under management (AUM) for all Bitcoin ETFs dropped sharply from $169.5 billion to $120.7 billion over the past 60 days, with November alone witnessing net outflows of $3.79 billion [3] Group 2: Institutional Selling Pressure - BlackRock's spot Bitcoin ETF (IBIT) accounted for a significant portion of the decline, with approximately $2.7 billion in redemptions over a five-week period, indicating strong institutional selling pressure [4] - On-chain data indicates that long-term holders (LTH) of Bitcoin are locking in gains and selling during price increases, with recent sell-offs being among the largest in the last five years [5] - The current selling behavior reflects profit-taking rather than panic-driven capitulation, as long-term holder supply is declining from record levels while Bitcoin trades above the LTH realized price [6] Group 3: Market Outlook - Analysts are anticipating further volatility in Bitcoin prices ahead of key macroeconomic events, including the release of US CPI data and the Bank of Japan's expected rate hike to 0.75%, the highest level since 1995 [6]