On March 31, Glassnode released an analysis indicating that the 7-day simple moving average net inflows (7D-SMA) for U.S. spot Bitcoin ETFs turned negative starting from early last week, with recent daily net outflows recorded between 200 to 500 BTC. Although the outflow scale is not large, its persistence serves as a subtle signal that institutional buying willingness and demand confidence remain hesitant at the current Bitcoin price levels.