Initial jobless claims worse than expected + ETF withdraws for thirteen consecutive days, what exactly is the market afraid of with these two data points hitting together?

This week’s highlights include: U.S. initial jobless claims of 225k, higher than expected, with the prior figure revised to 212k; BTC spot ETFs have seen 13 consecutive days of net outflows, totaling about $542 million over the 20-day period; the U.S. is advancing its strategic Bitcoin reserves and plans to introduce legislation, holding about 328.4k BTC worth approximately $21.5 billion; crypto businessman “Godfather” Adam Iza has pleaded guilty in a kidnapping and extortion case involving 4,100 BTC worth about $245 million, with sentencing in August; industry commentary says that the current market “toxicity” has not yet reached the level seen when FTX collapsed, and BTC is hovering near the 200-week moving average.