Good morning.

Bitcoin's worst week since FTX - and it still hasn't broken down clean.

Bitcoin ETF outflows hit $1.72B in the first week of June - 15 straight sessions of net selling - with BlackRock IBIT leading the exit at $1.34B.

Yet price is bouncing while the flows stay negative.

Regime check:

• Below EMA (-4.8% from 20 EMA)

• Extreme Fear at 8 - down 21 points in a week

• EMA slope still declining, no base formed

Participation looks defensive - alts recovering modestly alongside BTC, but no rotation signal yet. Capital is leaving ETF vehicles while spot stabilizes near cycle lows.

Question now:

Does this bounce build into something real...

or does ETF pressure grind price back toward $60K?

XRP Coffee Break later ☕

$BTC