Selling pressure remained intense in US-listed spot Bitcoin exchange-traded funds on Thursday, extending a difficult stretch that analysts increasingly describe as historically poor performance for the beginning of a calendar year. Data showed $165.8 million left the products during the session, pushing total weekly outflows to $403.9 million as investors continued withdrawing capital despite earlier enthusiasm surrounding regulated cryptocurrency investment vehicles. Year-to-date losses now approach $2.7 billion, placing the sector close to a fifth consecutive weekly outflow streak and highlighting declining confidence among market participants during early 2026 trading conditions. Trading volumes also weakened notably, falling roughly 21% compared with the previous week and reaching their lowest levels since late December, reinforcing the view that investor engagement is currently fading. BlackRock Fund Leads Withdrawals BlackRock’s iShares Bitcoin Trust carried the largest share of redemptions this week, accounting for approximately $368 million in withdrawals as institutions appeared to trim exposure during ongoing market uncertainty. Elsewhere, activity remained muted across competing funds, with the Fidelity Wise Origin Bitcoin Fund registering about $50 million in outflows on Wednesday while most other issuers experienced minimal investor movement. Institutional positioning has also shifted, with Brevan Howard reported to have reduced its stake in the BlackRock vehicle by roughly 85% during the final quarter of 2025. Despite total cumulative inflows exceeding $53.9 billion since launch, analysts say the broader trend suggests caution rather than expansion among large holders during the opening months of the year. Unusual Post-Halving Performance Raises Concerns Market observers highlight that Bitcoin’s current pricing pattern contrasts sharply with previous cycles typically associated with strong rallies following block-reward halving events. “Almost two years later, BTC trades around $66,000 — nearly the same level as during the April 2024 halving,” analysts noted, emphasizing the absence of historical post-halving appreciation. “This has never happened before. In previous cycles, BTC was already three to 10 times above halving levels by now,” they added while pointing to an unprecedented stagnation period. Bitcoin has declined about 22% year-to-date, and datasets tracking the first fifty days of the year indicate the asset is experiencing its worst annual opening on record, surpassing declines seen during 2018’s downturn.