Bitcoin spot ETFs recorded $643.2M in net outflows on October 30, reversing the positive trend seen across the previous four trading sessions. The withdrawals were spread across several major funds, with BlackRock's IBIT seeing $233.7M leave, Fidelity's FBTC recording $201M in outflows and ARK's ARKB losing $129.5M. The latest session more than erased the $440.8M accumulated in inflows over the previous four days. Despite this reversal, cumulative net inflows remain substantial at $57.44B, with total ETF net assets standing at $106.51B. We believe the distinction between long-term institutional participation and short-term demand is important here. The cumulative figures remain positive, but Friday's withdrawals highlight how quickly sentiment can shift. Further sessions of outflows would be a concern, while a return to consistent inflows would suggest this was a temporary setback rather than a broader change in institutional appetite.