Retail investors in, institutions out—crypto really feels a bit surreal! Some big influencers and friends are shouting that the bull market is coming back, selling their delivery bikes to go all-in; but when you look at the spot ETF institutional funds, they've had two consecutive days of net outflows. Retail investors are charging in, while ETF institutions are retreating. That said, you can't just rely on ETF institutional fund net inflows/outflows to conclude that a deep bear market is here—ETF institutions are also just big-scale retail investors! When BTC was around $120K, ETF institutions had several consecutive weeks of net inflows exceeding $2.5 billion. For detailed market analysis and insights, check out the article below