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Same macro pressure. Different capital behavior.
> crypto funds: -$1.07B weekly
> US-listed products drove nearly all of it
> europe and canada stayed net positive
> $XRP + $SOL continued attracting inflows
This doesn’t look like structural exit liquidity.
It looks more like institutions reducing broad index-style exposure while still allocating toward ecosystems where growth expectations remain higher.
Risk came down. Positioning didn’t disappear.