How bearish is the Bitcoin market right now? ETF outflows have surged to their second-highest five-day total on record. Institutional participation has fallen to its lowest level since October 2023. At the same time, options markets are pricing downside protection at levels previously seen only near major cycle lows. Our latest Ahead of the Curve examines what these signals tell us about today’s market and what investors should watch next. https://open.spotify.com/episode/3GQ4BprkvfSD7c3ikaehBZ?si=0qXh1fMpTwW0bRGoJmPlTQ(K33 Research)