$BTC spot ETF saw a net outflow of $1 billion last week, ending six consecutive weeks of inflows.
On May 13, a single-day outflow of $635 million hit a new high since January.
The trigger was the CPI soaring to 3.8% in April, leading the market to completely rule out the possibility of rate cuts this year.
However, the cumulative net inflow still stands at $58.3 billion, with a total size of $104.2 billion.
Institutions aren't fleeing; they're actively reducing their positions in response to the CPI data.
This is risk management, not capitulation.
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