Just caught an interesting take from Matrixport on what's been happening with Bitcoin ETF flows lately. Apparently the selling pressure we've been seeing this month hit record levels since the ETF launched back in January 2024. Matrixport's analysis suggests a lot of this is coming from hedge funds unwinding their basis trades - basically they went long on ETFs while shorting futures, and now they're closing those positions out. That explains the massive drop in CME futures open interest after the Fed meeting, we're talking like $8 billion wiped out, which is over 20% of the total ETF inflows from the beginning. There's also the February futures expiration that added some selling pressure, though honestly that was pretty much expected and already baked into prices. What's interesting though is Matrixport's take that we might be seeing the worst of it now. They reckon as this selling wave loses steam, hedge funds could start looking at arbitrage opportunities again in late March. So basically the ETF selling panic might be cooling down, which could open the door for some repositioning. Feels like we're at an inflection point here.