Prices may be bouncing back, but money is still flowing out. That’s the set of numbers worth watching most: U.S. spot Bitcoin ETFs saw net outflows of $643 million on October 30 and another $399 million on November 2, for a combined total of about $1.04 billion over two trading days. On November 2, almost all the outflows came from BlackRock’s IBIT, which saw $405 million leave, while Fidelity’s FBTC bucked the trend with a $6.7 million net inflow, making it the only fund to attract money. Ethereum ETFs also saw $140 million in outflows that day, bringing the combined outflows for both types of ETFs to $538 million. Meanwhile, the market cap of dollar stablecoins shrank by $5.55 billion between October 27 and November 3, to $296.01 billion. Don’t just watch whether prices are in the red or green: money is flowing out of ETFs while stablecoin balances are falling, suggesting big investors are still playing it safe. Wait for outflows to ease and stablecoin supply to start expanding again before talking about a reversal.#ETF #CryptoMarket