Bitcoin fell to roughly $76,700 Tuesday after spot ETF outflows of $649 million, the largest single-day decline since January, confirming what derivatives data had been signaling for weeks.
Analysts say bitcoin's brief recovery from February lows was running on leverage rather than fresh capital.
Data from research firm Kaiko shows spot volume for the top 10 crypto assets averaged roughly $80 billion weekly throughout 2026, less than half the $178 billion weekly average recorded in 2025.
Bitcoin open interest climbed from $16 billion to $20 billion over the same stretch. It reflects a derivatives market re-leveraging without the underlying spot demand to support it, Kaiko analyst Laurens Fraussen wrote. The divergence further sharpens at the exchange level.
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