Institutional sentiment just took a sharp turn. US spot $BTC ETFs recorded 4.5B in net outflows in June their worst month since launch. Even more surprising, BlackRock's IBIT accounted for 3.55B of those outflows. Big money doesn't always move in a straight line. Sometimes it's profit-taking, sometimes it's caution and sometimes it's both. Do you see this as a temporary reset or a sign that institutions are becoming more defensive? 📉 #BTC #Bitcoin #Macro Insights#