On October 8, U.S. spot $BTC ETFs saw net outflows of about $238.6M, while $ETH ETFs saw net outflows of about $1.6M. At first glance, capital flows on the BTC side were clearly weaker. However, given that BTC had already experienced a significant price pullback over the previous two days, yesterday’s outflows may have included rebalancing and risk reduction, rather than being entirely due to long-term investors exiting. And with short-term market pressure concentrated mainly on BTC, ETH still fell by over 3%, suggesting that pressure in the spot and derivatives markets may be greater.