Institutional clues are leaning cautious today: Several reports mention that the US spot BTC ETF has seen continuous outflows for over ten days, totaling in the billions. My observation is that ETF flow has become a high-frequency sentiment indicator for BTC; net inflows represent new buying pressure, while continuous outflows indicate that institutions are either reducing risk or taking profits. Next, we need to closely watch if leading products like IBIT can halt the bleeding first. #BitcoinETF #BTC