Butterfill noted that Bitcoin spot ETFs have recorded cumulative outflows of about $8 billion over the past eight weeks, setting the longest-ever outflow streak in history. However, there are signs that recent fund flows have stabilized. At the same time, he believes that market concerns about the risk of Strategy selling coins have clearly declined; the real impact comes from the “never sell” narrative being broken, rather than from the actual scale of sell-offs themselves.