😱47% drop - correction or early winter? Here’s the uncomfortable truth.
Yes, BTC is down hard. Yes, ETF outflows hit ~$1B days.
But total ETF holdings barely moved - down only ~6.6% since the top. That’s not panic selling.
💁What’s really happening:
• Leverage is being flushed - not long-term conviction
• Institutions are rebalancing risk, not abandoning crypto
• Development and adoption haven’t stalled
At the same time - let’s be real:
Calling this “strength” is premature. Outflows are still outflows, and macro is still tight.
❓Key question now: Do flows stabilize - or accelerate?
If they stabilize → likely late-cycle shakeout.
If they worsen → deeper drawdown ahead.