While everyone was glued to the Fed yesterday, $BTC ETFs were quietly dumping.

BlackRock: -469 $BTC

ARK: -662 $BTC

Grayscale: -236 $BTC

Fidelity: +213 $BTC (not enough to cover)

Net outflow on FOMC day. That's not random.

Institutions were reducing exposure while retail was watching Powell's lips move.

Zoom out: this isn't new.

Grayscale has been bleeding for weeks. ARK too. Now BlackRock's back on the sell side.

They're not panic selling. But they're sure as hell not buying either.

Smart money rotating out while headlines stay bullish? Classic distribution.