Crypto exchange shutdowns were once seen as an indicator of an impending market bottom. But that pattern may no longer hold.

Today, Bitcoin’s weakness appears to be showing up elsewhere… particularly in Spot ETF flows.

Considering ETFs were (and still are) considered a sign of institutional credibility, their recent red patch makes one wonder: have institutional flows become a better measure of market sentiment than exchange failures?

Exchange shutdowns: A weak BTC bottom sign?

Over the years, there’s been a strong impression that exchange shutdowns can help identify a market low. Recent data does not support that idea.

Per data from Alphractal, in 2026, only nine crypto exchanges and trading platforms have announced or…