So I've been looking at why crypto is down today, and honestly it comes down to interest rate expectations. The Fed isn't cutting rates anytime soon—maybe not even this year—and the market is finally accepting that reality. That's been weighing on everything.

What caught my attention though is the ETF situation. Back in May 2024, spot Bitcoin ETFs saw massive outflows—we're talking $563.7 million in a single day, which was the biggest since they launched in January. The bleeding continued for five straight days. Over the entire month, investors pulled roughly $1.2 billion from these funds. Even BlackRock's iShares Bitcoin Trust had its first-ever outflow that week, losing about $36.9 million.

It's interesting to see how the crypto downturn plays out through traditional finance channels. When you see institutional products like this experiencing outflows, it tells you something about market sentiment. People are rotating out, waiting for clarity on rates. The reasons for crypto being down aren't complicated—it's just macro uncertainty at this point.

Not financial advice, just observing what the data shows.