Bitcoin has seen a notable $635 million withdrawal from spot ETFs, marking the largest single-day outflow since late January. This movement coincides with Bitcoin retreating from its 200-day moving average, a key technical level that often signals trend shifts. The sizable outflow suggests that investors may be reducing exposure amid signs of weakening momentum or potential short-term correction. Traders should monitor if this bearish sentiment persists, as sustained outflows could pressure Bitcoin's price further. Conversely, a stabilization near this technical level could offer a base for a potential rebound.