Following the 2 billion Bitcoin bond sale for Saylor’s Strategy₿, investors have pulled 644 million worth of Bitcoin ETFs since February, the most since launch. Institutions gradually withdrawing – but doing it cautiously. What would make DeFi competitive again in your eyes? Despite the sell-off, Bitcoin’s implied volatility index remained lower than in previous sell-offs. Some people believe that it is a market showing is just becoming more mature while others see it as a signal for a bigger move.