Institutional investors are treating Bitcoin like any other risk asset and the ETF outflows prove it

US spot Bitcoin ETFs shed more than $6 billion over 30 days in mid-2026, with BlackRock's IBIT losing roughly $2.7 billion in five weeks as rising Treasury yields triggered institutional profit-taking. The selloff reveals that Bitcoin has been absorbed into traditional institutional portfolios as a high-beta risk asset, not a macro hedge , a structural shift with lasting implications for how its price floor is set.