The cryptocurrency market is currently experiencing a wave of turbulence as Bitcoin struggles to maintain its recent gains. A significant outflow of over $938 million from US spot Bitcoin exchange-traded funds (ETFs) last week has shaken investor confidence, following a trend of substantial withdrawals throughout February, reaching over $2.4 billion in total. Key players contributing to this exodus include Fidelity’s Bitcoin Fund and BlackRock’s iShares Bitcoin Trust. Analysts suggest that many investors involved are hedge funds seeking arbitrage opportunities rather than long-term investments, which is driving the rapid selling off of positions as profits shrink, putting additional pressure on Bitcoin’s price.