Recent outflows from Bitcoin and Ethereum spot ETFs point to a shift in institutional positioning, not necessarily a loss of long-term conviction.

When ETF inflows slow or reverse, the market temporarily loses a layer of buy-side support that had been absorbing supply. This can increase short-term pressure, especially in volatile conditions.

What matters most now is persistence:

• Short-lived outflows often reflect risk management
• Sustained outflows can weaken structure until demand returns

For now, this looks more like repositioning than structural abandonment.

Context and follow-through will define the next phase.