Bitcoin Price Hits $120K as Spot ETFs See First Outflow in 12 Days Due to Profit-Taking

The Bitcoin price has soared 1.75% in the last 24 hours, to trade at $120,082, on a 6.68% pump in the daily trading volume, to $76.5 billion.

Bitcoin Price Jumps As Spot Bitcoin ETFs End Record 12-Day Inflow

After 12 days in a row of new money coming in and a total of $6.6 billion in inflows, spot Bitcoin ETFs suddenly saw large amounts of money being pulled out. The biggest outflow came from ARK Invest’s ARKB, which lost $77.46 million in one day.

Grayscale’s GBTC had $36.75 million in outflows, and Fidelity’s FBTC lost $12.75 million. BlackRock’s IBIT—the largest Bitcoin ETF by net assets ($86.16 billion) had no flows, showing that not everyone was selling.

Despite these outflows, the total amount of new money invested since launch is still strong at $54.62 billion. The combined Bitcoin ETF assets are $151.60 billion, which is about 6.52% of the total value of all Bitcoin.

Can The ETF Outflows Mark a Market Panic?

BTCUSD remains bullish on the daily chart, holding close to its recent high of $122,054.86. Price action is well above both the 50-day ($109,755.91) and 200-day ($98,159.11) simple moving averages, underscoring strong underlying market support.

After a period of consolidation near the $119,000 level, BTC continues to challenge resistance near the 0.272 Fibonacci retracement ($12

2,007.92). The uptrend remains intact, with the green 50-SMA acting as dynamic support; a breakdown below this could expose further declines toward $111,867.18 (Fib 0.0) and the 200-SMA, which would mark a shift in momentum. 

Immediate support can be found at $109,755.91 and $98,159.11, while a decisive breakout above $122,007.92 might trigger a move toward $134,907.53 (Fib 0.618 extension).

BTCUSDT Analysis Source: Tradingview

Momentum indicators show mixed signals: the daily Relative Strength Index (RSI) reads 65.51, remaining below the overbought threshold, which suggests there is room for further upside before the market becomes overheated. The MACD is in positive territory, indicating ongoing bullish momentum; however, the histogram bars are shortening, which points to a potential slowdown in buying pressure. 

With the MACD signal line near zero, traders should watch for possible crossovers that may foreshadow a shift toward consolidation or a corrective phase. Overall, while the broader trend stays bullish, short-term price action could see pullbacks or sideways moves before another leg higher, particularly as BTC approaches major resistance zones and traders assess potential profit-taking or renewed accumulation.

There are no signs of panic in the market; investors are adjusting their positions, not selling everything.