The headline is $449M of BTC ETF outflows in three days. The real story is that one fund, ARKB, dumped $164M on Thursday alone.
This wasn't a market-wide panic. It was a concentrated exit, and the market absorbed it without breaking the 7-day low. Even Solana and Ether ETFs saw outflows, but the BTC tape held.
When the news is this bearish but price doesn't break down, the price is telling the truer story. To me, that's a sign of strength, not the start of a leg down. The desk sees this as a successful defense of the range lows.
Are you buying this dip, or is it just exit liquidity for bigger sellers to come?
Bitcoin Suisse is offshoring up to half its Swiss jobs to Vietnam.
"Global expansion" is the official line. The real line is cost.
This is what margin pressure looks like with BTC at $77k and the market in "Greed." An OG firm from 2013 is making moves you'd expect in a deep bear. The actual business of crypto is getting more competitive and expensive to run.
The EMA20 at 77,269 is the line. Until price is back above it, this is more weight on the market.
$BTC
More of these coming today. Follow to catch them as they land.