Just checked the charts and noticed something interesting about why crypto is down today. Back in May 2024, we saw a pretty significant shift in Bitcoin ETF flows - around $564 million pulled out in a single day, which was the biggest outflow since these funds launched in January. That was wild at the time.

What caught traders' attention then was that even BlackRock's IBIT had its first-ever outflow of roughly $37 million that same day. The whole thing seemed connected to Fed expectations - people had basically accepted that rate cuts might not happen in 2024, so the enthusiasm kind of fizzled out. Over that entire month, investors had already withdrawn like $1.2 billion from these Bitcoin ETFs combined.

It's a good reminder of how macro factors and ETF flows can shake the market. When institutional money starts moving out, retail tends to follow. The broader point is that crypto dips often come down to these macro headwinds and shifts in how big players are positioning themselves.

Not financial advice though - just sharing what I've observed from watching these patterns.