Google Cloud outlined a preview MPC service for institutional Bitcoin custody, signaling infrastructure build-out rather than immediate demand. The excerpt contains no user counts, AUM, or timeline, so adoption impact is unquantifiable. Market context: total crypto market cap fell 2.68% over 24 hours, BTC dominance stands at 59.44%, and BTC traded at $80,385, down 0.14% in 24 hours and 4.85% over seven days. Separately, Galaxy Research reported nine hedge funds and banks reduced spot Bitcoin ETF exposure by 68,000 BTC as cash-and-carry trades unwound, while sovereign funds and wealth platforms added. Custody announcements and ETF flows can move in opposite directions: infrastructure expands even as short-term tactical capital rotates out. Interpretation is probabilistic; no custody rollout guarantees inflows, and ETF outflows do not necessarily reflect long-term conviction. Watch whether institutional custody launches translate into measurable on-chain or ETF inflows over coming quarters. This is observation, not financial advice.