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BTC ETFs saw $3.74B in outflows over the last 30 days. ETH ETFs lost another $477.9M.
But the total crypto market cap is still sitting at $2.07T.
Something is holding this market up and it's not ETF inflows. Stablecoins are at $312B. RWA market cap is at $25B. On-chain infrastructure keeps growing regardless of what institutional ETF flows are doing.
The part of crypto that's actually being built and used doesn't move in lockstep with the ETF narrative anymore. That's a meaningful change from where we were two years ago.