Bitcoin echoes 2021: $1.3B ETF outflows, -60,000 to -80,000 BTC demand deficit

Bitcoin is holding near recent highs while on-chain demand has turned negative and spot ETF flows have moved to net outflows. The setup resembles late-2021 conditions amid tighter liquidity and selective risk appetite. This raises the risk that recent strength proves a bear‑market rally unless demand and fund inflows improve.