On Friday, spot ETFs had –US$ 394.7M in net outflows.

This concluded a week that had been strongly positive.

What this means:

• Realization and institutional rebalancing

• Risk reduction before the weekend

• Flow pausing, not reversing

What this does not mean:

• End of the bull market

• Capitulation

• Structural thesis change

📌 Market rises due to flow.

📌 Corrections due to adjustments.

📌 Reverses due to structural breaks.

Read data. Ignore noise.