btc etfs bled $648.6m today, second straight outflow day. five-day total now -$1,676.2m against a $100.5b aum pile. cumulative net inflow since launch sits at $57.7b, so we’re still deep in the green overall, but the tape is getting heavy. daily value traded was $3.1b, so the selling had real volume behind it.

for this outflow streak to flip, you’d need spot btc to reclaim a level that stops the etf arb desks from hedging. that’s it. no macro story needed.

more at falsifylab.substack.com #BTCFlow #OnchainAlpha #PerpFunding $BTC

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Originally published on FalsifyLab Substack.