U.S. spot Bitcoin ETFs have seen outflows for eight consecutive days, totaling about $825M. Analysts point to tax loss harvesting and de-risking before options expiry as the main causes. BlackRock's IBIT led the selling. There is a notable shift where the U.S. is selling while Asian buyers are accumulating. Whale deposits on exchanges have dropped by nearly 50%, which could mean reduced selling pressure ahead. Bitcoin is currently trading around $87,800 and has decoupled from traditional assets like the Nasdaq and gold.