Since the approval of the Bitcoin spot ETF, "ETF Cumulative Flow Total" had been steadily increasing. However, the pace of accumulation began to slow around October 10, 2025 (yellow box), and by May 8, 2026 (red box), the trend itself started to reverse. What we are seeing now is the steepest decline in cumulative ETF holdings since the ETF era began. If institutional participation has indeed become one of the most important drivers of the market following ETF approval, then this is not a signal that should be taken lightly. So what about the liquidity indicators that were important even before the ETF era? The answer is simple: they are telling a very similar story. If institutions truly viewed the current market environment as an aggressive buying opportunity, it is difficult to argue that ETF cumulative holdings would be declining at this pace. And it is not just ETF flows. External OTC buy-side liquidity is showing a similar pattern. In other words, both ETF-related demand and non-ETF institutional liquidity continue to weaken, suggesting that meaningful buying pressure is becoming increasingly scarce.(mignolet)