Institutions rotated out of crypto paper and straight into equities on the same Friday tape. $BTC ETF complex saw roughly $763 million in net outflows while SPY alone took in about $3.4 billion. That's not risk-off. VIX got crushed to 16, gold sold with crypto, and the dollar barely budged. Classic de-risk needs stocks down and a fear bid. None of that printed. Cross-asset momentum sync collapsed to 20 out of 100, and when sync sits that low, one side is wrong and the catch-up is usually violent. Crypto leverage is clean and on-chain health is still thriving, so this looks like ETF overhang, not a cascade. Credit resolution still supports the equity bid, which leaves BTC absorbing the de-risk flow alone. I think BTC stays under pressure this week until the outflow pace stabilizes. Monday open is the tell: if equities hold the bid and crypto bleeds again, the rotation sticks. The wildcard is OPEC Sunday, which could recouple everything through oil and yields.