ETF inflows became almost irrelevant after October 6th, 2025 — right when $BTC printed its all-time high.
From that point onward, Bitcoin continued to trend lower. That timing matters. The flow that had been supporting upside momentum simply dried up.
The reality is institutions are the ones that drive sustained market advances. Once their buying slowed and eventually stopped, the entire bull market narrative shifted. Without that demand, price action told a very different story.
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