U.S. spot Bitcoin ETFs saw another $185.4 million in outflows on Friday, marking seven consecutive trading days of outflows and bringing November’s total to around $2.1 billion. Don’t read this directly as “institutions are dumping”—ETF net outflows reflect the difference between creations and redemptions; they don’t mean someone is selling $BTC itself. The only thing we can confirm is that funds have continued to flow out, with the cumulative amount growing. What to watch next is whether the outflows narrow, not the daily figure itself. In the short term, don’t focus on a single headline; trading volume and the price range tell you more.