In the past few weeks.
The US spot BTC ETF has seen outflows exceeding $4 billion.
Some stats are even close to $4.4 billion.
Many people interpret it as:
Institutions aren't bullish on BTC.
I don't fully agree.
Because the market isn't always bearish.
But rather a reallocation.
For example.
If something suddenly pops up:
OpenAI.
Anthropic.
SpaceX.
Many institutions will be rebalancing their positions.
This isn't a matter of belief.
It's a capital efficiency issue.
BTC
63,466
-0.95%