June ETF net outflows of $4.5 billion—worst in history, but don’t rush to call the market bearish. Rebalancing at quarter-end plus the persistent selling pressure from the long-time “Grayscale” crowd—half of this is scripted blood within the plan. What you really need to watch is the first two weeks before July. If the bleeding continues, that’s the signal the narrative is turning. #BitcoinETF $BTC