ETF funds are fleeing en masse. Are institutions really pulling out, or are they reallocating to AI?

Bitcoin falls below $73k, spot ETF experiences the largest single-day net outflow since January on Wednesday, with funds like IBIT fleeing significantly, while Morgan Stanley sees a slight inflow. Analysis suggests that capital rotation into traditional financial stocks, de-risking, and derivatives clearing are weighing on prices; since mid-May, BTC has underperformed the S&P and NASDAQ, and ETF fund outflows may reflect institutional continued adjustment of crypto asset allocations. On the macro level, Asian stock markets weaken, with geopolitical concerns intensifying.