The most noteworthy development this week wasn’t simply the price swings, but the contrast between sustained net outflows from ETF channels and Bitcoin’s relative resilience. Spot ETFs have become the main route for institutional inflows and outflows. Last week’s large-scale redemptions—especially the heavy outflows on Wednesday and Thursday—suggest that, amid expectations of high interest rates, a strong dollar, and geopolitical uncertainty, some institutions chose to lock in profits or reduce their risk exposure. Ethereum ETFs saw outflows for longer and in larger amounts, and, combined with a weakening ETH/BTC ratio, this shows that when risk appetite contracts, the market still prefers to “flee to Bitcoin.”