$BTC ETF demand is starting to cool.



US Spot Bitcoin ETFs have now recorded two consecutive days of net outflows, with most of the selling coming from BlackRock’s IBIT.

At the same time:

• Open interest is declining
• Funding remains neutral
• Spot demand is weakening

But I don't see this as panic.

It looks more like the market taking a breather after a strong move.

The next ETF flow report could be far more important.

If buyers return while leverage remains low, Bitcoin could be in a much healthier position for its next leg higher.

#SummerCreationCamp
#CLARITYActEntersFinalCriticalStage
BTC-0.19%
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CWMiner
· 6h ago
Is Blackstone leading the sell-off? Don’t panic—when institutions also rebalance, they need to look for the right timing. When liquidity conditions are neutral, it’s actually more suitable to initiate positions.
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KeyPillow
· 6h ago
Continuous two days of net outflows sounds bearish, but the author says the market is catching its breath, and I think that makes sense—after all, it had been rising too fast before; taking a breather is healthier.
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YFeedHandler
· 6h ago
Indeed, ETF fund flows are always a sentiment barometer. The net outflows over the past couple of days look scary, but in reality leverage hasn’t blown up—it’s more like a normal pullback after a strong run up.
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BlueMultisig
· 6h ago
This view is quite interesting. While others panic and I get greedy, with leverage low and demand cooling off, it could actually be buildup before the next leg of the move.
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