While Bitcoin briefly surpassed $111,000, institutional investor activity signals an ambiguous trend. Spot Bitcoin ETFs have experienced four consecutive days of net outflows, totaling $40.5 million on Monday alone. This follows a pattern of declining ETF flows, with nearly $366.6 million withdrawn last Friday and another $536.4 million the previous Thursday. While this suggests a temporary institutional disengagement, some experts believe underlying market dynamics are at play. BlackRock’s IBIT ETF led the way in Monday’s outflows with $100.7 million, but it wasn’t solely responsible. Instead, withdrawals spanned across various issuers like Fidelity, Grayscale, Bitwise, VanEck, and Invesco, highlighting a reshuffling of assets rather than a widespread rejection of Bitcoin-based ETFs.