btc etf flows: -$519.2m today, extending the outflow streak to 12 straight days. five-day total sits at -$2,090.6m, pulling cumulative aum down to $85.0b. cumulative net inflow since launch still reads $54.7b, but the tape is ugly.

for the trend to flip, spot btc would need to hold a bid long enough for arb desks to stop hedging etf redemptions with short futures. until that happens, the bleed continues.

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

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Originally published on FalsifyLab Substack.