Bitcoin slipped modestly on Monday, remaining under pressure as institutional outflows continued to build and uncertainty over the Federal Reserve’s December outlook weighed on sentiment.

The world’s largest cryptocurrency was last down 1.2%, trading at $85,766 by 01:25 ET (06:25 GMT). It briefly pushed toward the $88,000 mark earlier in the session before giving back those gains.

The decline follows a rough week in which Bitcoin dropped more than 10%, hitting seven-month lows near the $80,000 region.

Bitcoin ETF outflows keep mounting

Fresh data showed that U.S.-listed spot Bitcoin ETFs saw another wave of outflows, marking their fourth straight week of redemptions. According to SoSoValue, the funds logged a net $1.22 billion in withdrawals for the week ending Nov. 21, pushing total outflows over the past month to roughly $4.34 billion.

Despite the exodus, trading activity in these ETFs surged to record levels, with volumes exceeding $40 billion last week — a trend analysts are calling a sign of “institutional capitulation.”

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Macro uncertainty continues to weigh on cryptocurrencies. Market odds for a Federal Reserve rate cut in December have surged to about 70%, up from roughly 44% just a week earlier.

Still, despite the shift in expectations, Fed officials remain divided. Many continue to strike a cautious tone, warning that inflation is proving sticky and the labor market remains resilient.