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Hi friends, Spot Bitcoin ETFs: October is net negative. Farside daily data, Oct 1-15: Net flow: about -$530M The pain came in three days: Oct 7: -$485M Oct 14: -$261M Oct 8: -$244M Oct 15 inflow? Just $5M. I don't read this as panic. I read it as a marginal buyer going quiet. What matters now: does the next wave of inflows show up, or does liquidity wait?

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