US spot Bitcoin ETFs flipped red on Aug 28: 201.9m USD of net outflows, ending a 9-day inflow streak that had just pulled in ~2.8b USD over eight sessions as $BTC tested 80k — peaking above 600m USD on Aug 20, the biggest single-day haul since May. per SoSoValue. small against ~93.9b USD of total net assets, but the direction change is the point. the counter-move matters more. ETH ETFs added 102.1m USD the same day, stretching their streak to 10 days — cumulative net inflows now near 12.9b USD on a ~13.8b USD base. ETH funds have been matching or rivaling BTC funds' daily intake for weeks while running a ~7x smaller book. that is the marginal institutional dollar rotating down the cap table, not leaving crypto. timing: the streak broke as Fed chair Warsh's hawkish Jackson Hole speech cooled the run toward 80k; BTC dipped to ~76.9k and recovered to ~79k over the weekend. single-day breaks like this have historically been followed by renewed inflows, so the base case is repositioning at a level, not exit. invalidation: BTC ETF outflows continue this week while ETH intake slows — then it is beta-off rotation, not relative value. and size the move: 201.9m USD is ~0.2% of BTC ETF AUM. flows shape the tape, but this one mostly moved sentiment. NFA. data: SoSoValue via Decrypt ETF tracker.