The headline is $449M of BTC ETF outflows in three days. The real story is that one fund, ARKB, dumped $164M on Thursday alone.
This wasn't a market-wide panic. It was a concentrated exit, and the market absorbed it without breaking the 7-day low. Even Solana and Ether ETFs saw outflows, but the BTC tape held.
When the news is this bearish but price doesn't break down, the price is telling the truer story. To me, that's a sign of strength, not the start of a leg down. The desk sees this as a successful defense of the range lows.
Are you buying this dip, or is it just exit liquidity for bigger sellers to come?