Friday's spot ETF data is still a complete mess. BlackRock and Grayscale investors continue to lead the selling. The market only improved for two days on Monday and Tuesday before getting knocked back to square one. Especially now, traditional ETF investors are clearly chasing highs and dumping lows. In the just-ended 104th week, U.S. institutions had a net sell-off of 7,445 BTC, compared to a net inflow of 4,468 BTC in the 103rd week. So, when there’s occasional inflow, it doesn’t necessarily mean investors are genuinely interested in investing in crypto. It’s very likely speculative behavior driven by macro, political, and economic factors. Once they realize the speculation has failed, they exit immediately. @bitget VIP, lower fees, crazier perks!