Crypto ETFs are recording massive outflows: Crypto funds saw -$1.7 billion in outflows last week, the largest since mid-November. This marks the 2nd-largest withdrawal in at least a year. Over the last 3 months, investors have withdrawn -$2.6 billion in total. Bitcoin ETFs alone posted -$1.1 billion in redemptions, also the largest since mid-November. This was followed by Ethereum and XRP outflows of -$630 million and -$18 million, respectively. Capital continues to rotate out of crypto.(The Kobeissi Letter)