One of the main drivers behind Bitcoin’s recent sell-off has been US ETF holders. Farside Investors data shows a brutal June dominated by cumulative outflows, culminating in an 8-day losing streak and a -$691M peak on June 25th. Outflows are finally slowing, but with $51.4B still held by ETFs, the real question is when these holders start averaging down. We are watching for flows to neutralize because that shift away from active selling is what could signal the cycle bottom.(Lark Davis)