The pricing power of BTC is shifting from ETFs back to the 'old money.' Yesterday, Bitcoin ETFs saw a single-day net outflow of $244 million, with a two-day total outflow of $729 million—the largest weekly outflow since June. But BTC’s price didn’t crash. Instead, it stabilized and even made a weak upward rebound. Current price is around $82,500, rebounding approximately $2,100 from Thursday’s low of $80,400. The Fear & Greed Index dropped from a 'Greedy' 71 to a neutral 56. ETF institutional funds are retreating with net outflows, yet BTC’s price hasn’t fallen. What does this mean? It’s the retail investors and most ETF institutions that are exiting, while the 'old money' is stepping in. U.S. 10-year Treasury yield is at 5.28%, and the 30-year yield is at 5.63%—both the highest since 2002. Money is getting more expensive, and those 'chase-high, sell-low' ETF funds are the first to flee. But BTC’s bottom is being supported by another group. Mid-sized whales (holding 10-10,000 BTC) have accumulated 86,702 BTC over the past three weeks, worth approximately $8.6 billion. And BlackRock? They’re the exception of all exceptions. They’re not running. On October 6, BlackRock saw a single-day inflow of $122 million, surpassing the total inflows of the entire market. Over the past month, they’ve net purchased $1.57 billion. IBIT alone holds 62.3% of all U.S. Bitcoin ETF positions. ETFs amplify retail sentiment. But the real pricing power lies in the hands of those who don’t make the headlines. And BlackRock? They’ve never been on the 'running' side. Truly impressive. #BTC #Crypto #BlackRock #Bitcoin