Recent data shows significant net outflows from U.S. spot Bitcoin and Ethereum ETFs, marking the largest single-day withdrawals in nearly two months. Analysts attribute these moves to institutional investors reducing risk exposure amid escalating macroeconomic uncertainties such as rising interest rates and geopolitical tensions. This behavior reflects typical risk-off actions rather than a structural downturn in crypto markets, indicating institutions are preemptively adjusting risk rather than abandoning crypto assets.