The Bitcoin price is facing pressure as spot Bitcoin ETFs in the US have seen significant outflows over recent days, raising concerns about weakening institutional demand and potentially fragile market conditions. This latest development comes as Bitcoin’s critical support zone near $107,000-$108,000 is under scrutiny by analysts at Bitfinex. The report suggests that a lack of sustained ETF inflows has made this key area increasingly vulnerable, following a string of negative days for institutional investment products. 2023’s market correction and broader risk-off sentiment have likely exacerbated these concerns. 2023 is already seeing a notable decrease in U.S.-listed spot Bitcoin ETFs’ net inflows as investors remain cautious, according to data from Farside Investors. While some positive ETF flows were recorded this week, analysts warn that if outflows continue or fail to recover meaningfully, it could signal growing demand-side fragility, potentially undermining institutional support for the currency’s price rally. 1.23 billion in net outflows have been recorded between October 13 and 17. The current price of Bitcoin (BTC) is around $108,864. Despite recent volatility, Bitcoin has experienced some gains. The price briefly climbed above $113,000 earlier this week before retracing to below the $110,000 mark as sellers regained control. A key warning signal for potential extended consolidation is the current level near $108,000. If prices fail to rebound convincingly, a drop below $107,000 could open the door to revisiting the psychological $100,000 mark, which many traders view as a vital support before more significant price drops. 2023 market sentiment remains cautiously optimistic. Experts like Arthur Hayes and Tom Lee remain bullish on Bitcoin’s price reach $250,000 by year-end. However, Mike Novogratz highlights the need for improbable events to trigger such a significant rally in his view. Despite the short-term weakness, market sentiment remains cautiously optimistic. 2023 is already showing a noticeable decrease in U.S.-listed spot Bitcoin ETFs’ net inflows as investors remain cautious.