Bank reserves decline, ETFs see continuous large net outflows, and stablecoin issuance drops sharply • Spot Bitcoin ETFs reduced holdings by 62,794 BTC in three weeks, yet Nasdaq and S&P hit new highs • A whale dumped 1,000 BTC into Kraken for stablecoins • A mysterious whale bucked the trend and scooped up $12.8M worth of ETH The 21 million BTC cap hasn’t changed—what’s changed is who can still hold on