📊 𝗗𝗮𝗶𝗹𝘆 𝗘𝗧𝗙 𝗪𝗮𝘁𝗰𝗵 | 𝗝𝘂𝗻𝗲 𝟯, 𝟮𝟬𝟮𝟲 𝒀𝒆𝒔𝒕𝒆𝒓𝒅𝒂𝒚’𝒔 𝑬𝑻𝑭 𝑹𝒆𝒄𝒂𝒑 U.S. spot Bitcoin ETFs continued their historic redemption streak, recording -$483.8M in net outflows for the latest reported session. This marked the 11th consecutive trading day of net outflows, the longest negative streak since spot ETFs launched. 👉🏼 Largest outflow: BlackRock IBIT −$440.3M 👉🏼 Fidelity FBTC: −$37.3M 👉🏼 ARKB: −$12.3M Ethereum ETFs also saw −$44.5M in net outflows, led by ETHA and FETH. Despite the recent pressure, U.S. Bitcoin ETFs still collectively hold roughly 1.28 million BTC, worth more than $84B. 𝑻𝒐𝒅𝒂𝒚’𝒔 𝑴𝒂𝒓𝒌𝒆𝒕 𝑶𝒑𝒆𝒏 BTC entered the session near the mid-$65K range, trading notably below levels seen before the recent ETF outflow wave accelerated. Overnight action remained cautious, with no decisive recovery attempt during Asian hours. The market tone at the open can best be described as defensive but orderly, with volatility elevated compared to recent weeks. 𝑴𝒂𝒓𝒌𝒆𝒕 𝑹𝒆𝒂𝒅 / 𝑻𝒓𝒂𝒅𝒊𝒏𝒈 𝑰𝒎𝒑𝒂𝒄𝒕 The continued ETF redemptions may suggest institutional participants remain in risk-reduction mode. However, price has not entered a disorderly breakdown despite billions leaving ETF products over recent weeks. Worth watching today: • Whether ETF outflows begin to moderate after the record streak • If BTC can defend the current support region despite weak flow data • Whether U.S. session liquidity sparks a volatility expansion move For now, the market appears caught between persistent institutional selling and underlying spot demand attempting to absorb supply. 𝑹𝒆𝒂𝒅𝒆𝒓 𝑸𝒖𝒆𝒔𝒕𝒊𝒐𝒏 👀 Are ETF flows still the clearest institutional sentiment signal in crypto, or is on-chain and OTC accumulation beginning to tell a different story? $BTC $ETH $HYPE