Bitcoin (BTC)

US spot Bitcoin ETFs have now been bleeding for 11 straight trading days.

That’s around a $3.5B pullback and reportedly the longest outflow streak since these products launched in January 2024.

And I think this just looks like tactical institutional money chasing upside, but not sitting through deep drawdowns if I’m being honest.

That said, I don’t think the ETF narrative is dead, but it is looking less sticky than people expected.

Because when BTC was trending up, ETF flows looked like conviction, but now that things have flipped, that same money looks scared lol.

On top of Strategy selling adding to the sentiment pressure, it’s no wonder the market and timeline look like shit right now.

But TBH, I don’t think this is something to completely obsess over.

Things like this are part of crypto, and if I’m being honest, this is where winners are made.

‼️ If your “Bitcoin” lives inside ETFs, treasury games, lending schemes, or any other legacy wrapper, the lesson will be violent.

If it’s not Bitcoin in 100% your self-custody, it’s counterparty risk dressed up as Bitcoin.

Don’t pretend you weren’t warned.