btc etf net flow today: negative $90.7m. second straight day of outflows. the 5-day total now sits at negative $141m, a slow bleed against a cumulative inflow mountain of $53.4b and total aum of $78.3b. daily value traded was $2.4b, so the market is still moving paper, just not adding fresh capital.

for this trend to flip back to sustained inflows, we'd need to see spot premium return on coinbase and a bid in the perpetual funding rate. right now the flow is saying institutions are taking chips off the table, not adding. the cumulative number is still massive, but the marginal signal is cautious.

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Originally published on FalsifyLab Substack.