ETF demand cooled short-term: 9 straight days of net outflows suggests institutions/ETF holders are reducing exposure.$2.84B is meaningful flow pressure: sustained outflows can weigh on sentiment and spot liquidity.Decoupling vs equities: S&P 500 rising while BTC ETFs see outflows hints crypto is trading on its own catalysts (rates, liquidity, regulation, positioning).Not necessarily bearish long-term: outflows can be rotation/profit-taking, not a “Bitcoin is over” signal—watch whether flows stabilize or reverse.$BTC

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