Over the past two days, BTC and ETH ETFs have seen synchronized net outflows. Everyone’s asking whether institutions have run. Here’s something many people don’t know: in that earlier streak of nine consecutive days of net inflows, a large amount of money simply didn’t care about price moving up or down—it was arbitrage capital. They buy spot ETF on the left hand, and short futures on the right hand, locking both sides to profit from the basis. Now the basis has narrowed and there’s no “meat” left. This group settles up and leaves the stage, and a big portion of the ETF outflows is them exiting. So don’t panic: one day of outflows means they’re stepping away, but only after three consecutive days is it truly a withdrawal. For ETH, it falling first is also normal—the money that’s exiting always sells what has more elasticity first. #BTC #ETH #ETF