Parl BTCETF Daily Commentary – November 12 1. ETF Data Summary Total net outflow across the market: -300 million. Details: IBIT (BlackRock): -270 million, GBTC (Grayscale): -39.1277 million, MSBT (Morgan Stanley): +8.9637 million. 1) BlackRock continued its large-scale withdrawal, further expanding its outflow today on top of yesterday's outflow of 78.2362 million, dumping a staggering 270 million in a single day. 2) Grayscale (GBTC) saw a long-awaited resurgence of selling pressure, with a net outflow of 39.1277 million. 3) Major speculative funds in FBTC and ARKB continued to disappear, with only MSBT maintaining a slight net inflow of 8.9637 million through regular investment. Short-term speculative funds have largely exited the market and are now observing from the sidelines. The current net outflow is almost entirely driven by concentrated redemptions from BlackRock's institutional clients. 2. The key data point currently lies with BlackRock. From July to October, IBIT was the absolute stabilizing force in the market, with a cumulative net inflow of over $6.2 billion (even in October, when the broader market experienced outflows, it still saw net buying of over $800 million against the trend). Every time the price retraced to 81,500, IBIT acted as a safety net. However, after falling below 815, it has seen a net outflow of $1.93 billion for nine consecutive trading days. This indicates that the previously passive/long-term allocation funds have stopped supporting the market and are actively reducing their risk exposure. The recent decline is essentially IBIT selling off. Therefore, for us, the true right-side stabilization signal for the market is very clear: once we see IBIT's daily outflow plummet from over $200 million to below $50 million, or even record a positive daily inflow, then this round of institutional deleveraging, a "one-sided clearing," may signal a temporary bottom. 3. Therefore, we should first observe the support level at 73, and then look at BlackRock. When did the ETF start its sustained buying activity? For more real-time information, please join our community: http://t.me/pabuerbtc