This data reflects a mixed picture:
BlackRock and Fidelity buying shows continued institutional interest in flagship ETFs—a potential sign of healthy rotation into preferred, lower-fee or more trusted products.
The net outflows overall, especially ~$323M in $BTC sold by other ETFs , could hint at profit-taking, portfolio rebalancing, or loss of confidence in certain products.
Whether it's healthy rotation or exit liquidity depends on context:
If inflows continue into top ETFs while others decline, it's rotation.
If total AUM shrinks across the board, it leans exit liquidity.
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