Revisiting this cycle’s USDT netflow to exchanges, we find a strong negative correlation with BTC’s mid-term performance. During euphoric phases, USDT typically flows out at –$100M to –$200M/day as investors lock in profits. At the $126K peak, net outflows reached >$220M (30D-SMA); A clear profit-taking signal now easing as flows turn positive again. 📊 http://glassno.de/4pepqcs(glassnode)