Bitcoin (BTC-USD) retreated from recent highs on Thursday as institutional investors locked in profits after a strong start to the year. Over the past 24 hours, the price eased from around $93,000 (£69,175) to just above $90,000, representing a roughly 2.5% pullback, coinciding with notable outflows from major US spot bitcoin exchange-traded funds (ETFs).

Read more: Crypto live prices

Data from SoSoValue shows US spot bitcoin (BTC-USD) ETFs registered $486m in net outflows on Wednesday. Outflows also hit ether (ETH-USD) ($98.45m) and XRP (XRP-USD) ($40.80m) spot ETFs.

BlackRock’s (BLK) IBIT and Fidelity’s FBTC products saw the most redemptions, with roughly $129m and $247m in outflows respectively.

Even with the setback, bitcoin (BTC-USD) remains up more than 3% over the past week, while ether (ETH-USD) is still 6% higher over seven days despite falling 3% on the day, according to CoinGecko.

As of publication, bitcoin (BTC-USD) spot ETFs collectively hold $118.36bn in net assets, representing around 6.5% of the total bitcoin market capitalisation.

Read more: Will bitcoin price sink to $50k or soar to $125k in 2026?

Analysts argue the latest dip is more about positioning and profit-taking than any deterioration in bitcoin’s (BTC-USD) underlying trend.

Wenny Cai, COO of SynFutures, told Yahoo Finance UK that bitcoin (BTC-USD) has entered 2026 with a “more complex setup than in prior cycles” as the asset recovers from a turbulent end to 2025. She noted that after slipping from its October highs near $126,000, price action in early January has shown “renewed momentum” with markets firming across major exchanges.

Cai said the near-term picture suggests a range-bound market, pointing to resistance in the $95,000–$98,000 band. This reflects, she said, a mix of profit-taking and selective re-risking as investors wait for a clearer catalyst.

Read more: UK’s new tax rules could trigger crypto boom, says Aave CEO

She also argued that structural forces such as ETF development, digital-asset corporate treasury strategies, and the rise of real-world asset-linked products mean bitcoin’s (BTC-USD) trajectory is increasingly tied to macroeconomic dynamics rather than pure speculation.

She added that institutional interest remains a “persistent source of demand” that can support more stable capital flows, even as volatility persists.

Longer term, Cai views fundamentals for the digital asset as still intact, citing bitcoin’s (BTC-USD) capped supply, growing institutional adoption, and “digital scarcity” narrative. However, she cautioned that risks around macro conditions, regulation, and shifting risk appetite could amplify volatility. Market participants, she said, should balance optimism with “disciplined risk management.”