Just checked the ETF flows, and it's interesting to see how different the movements are. While Bitcoin spot ETFs and Ether products have seen significant outflows in recent days, it seems that institutional investors are more likely to reduce their positions rather than buy the dip. The Bitcoin spot ETF outflows led BlackRock's IBIT, while Fidelity also withdrew substantial funds. The situation with Ethereum was similar, and XRP also moved into negative territory.

The fascinating part: Solana ETFs are moving in a completely different direction. While major players like Bitcoin and Ethereum are weakening, money is flowing into SOL products. This suggests that investors within the crypto market are rotating rather than completely exiting. With Bitcoin currently around $72,800 and Ethereum at $2,240, this rotation is especially evident. The Bitcoin spot ETF data shows that institutional investors are being selective.

Also interesting: Bhutan recently quietly sold about 70 percent of its Bitcoin holdings. The kingdom had around 13,000 BTC but is now down to nearly 4,000 BTC. A signal that uncertainty is also affecting traditional Bitcoin holders. Macro-economic factors and dollar strength likely play a role here.