At 12:30 p.m. today in Bangkok, Warsh finished speaking. The market had been waiting half the day for a clear answer, but all he said was: “I don’t prejudge meetings.” As for whether rates will go up or down at the October 27–28 policy meeting, he won’t say a word for now.

What’s interesting is that while he won’t commit publicly, institutions’ actions speak volumes.

U.S. spot Bitcoin ETFs saw net inflows of $176 million on October 13, then flipped to $261 million in net outflows on the 14th—giving back everything they’d gained the day before, and then some. Fidelity’s FBTC led the outflows, with $153 million redeemed in a single day, while BlackRock’s IBIT saw $111 million flow out. The only one bucking the trend was Bitwise’s BITB, which added just $2.22 million—a drop in the bucket.

Ethereum wasn’t doing much better: spot Ethereum ETFs saw $130 million in net outflows on the same day, with BlackRock’s ETHA alone accounting for $110 million. According to Cointelegraph, SOL ETFs have posted net outflows for eight consecutive trading days. XRP ETFs, meanwhile, attracted a modest $740,000 on Wednesday, making them the only major category still seeing net inflows this week.

But don’t rush to declare that institutions are heading for the exit. One estimate puts cumulative net outflows from Bitcoin ETFs since October at around $530 million. Compared with the more than $57 billion in cumulative net inflows since launch, that’s just a drop in the bucket. Cutting exposure is one thing; completely exiting is another.

On the market front, Bitcoin is hovering around $82,000 today. It touched $82,241 this morning, after briefly dipping to around $80,741 yesterday. One trader laid out the range clearly: support lies between $80,000 and $80,300, with resistance between $82,500 and $82,600. The $80,000 level has been tested twice in the past week—and held both times.

Some of the more old-school on-chain data (the latest readings are delayed) are also worth a look: NUPL is 0.3464 and SOPR is 1.0001. That means the network is still sitting on unrealized gains overall, while those moving coins on-chain are roughly breaking even. Sixty-three percent of coins haven’t moved in over a year. There’s fear, but no capitulation.

Citigroup is reportedly still optimistic, raising its 12-month Bitcoin price target to €113,000. One reason: ETF inflows are expected to return.

So the situation is a little surreal right now: the chair isn’t weighing in, ETF flows are swinging back and forth, and the price is caught between $80,000 and $82,600. At this rate, institutional money is wobblier than my nerves. What about your $BTC—riding it out or getting off?