Bitcoin ETFs are suffering historic losses: The largest Bitcoin ETF, IBIT, posted -$244 million in net outflows last week, marking the 2nd-consecutive weekly withdrawal. IBIT has now experienced outflows in 8 of the last 10 weeks, with a total of just 20 weekly outflows since its introduction in January 2024. As a result, its assets under management (AUM) are down to $67.6 billion, near the lowest since June 2025. IBIT's AUM has now declined -$32.0 billion, or -32%, since its October 2025 peak. Overall, crypto funds recorded -$446 million in outflows last week, marking the 6th weekly withdrawal over the last 9 weeks. Crypto is searching for a bottom.(The Kobeissi Letter)