$IBIT redeemed $405.3M in a day, and that reframes the tape. A holder decided size is wrong at this price. $398.6M left US spot BTC funds Monday, and the ETH side bled another ~$140M, six sessions running. Two books, same direction. The largest, stickiest vehicle is leading the exit, so the marginal buyer has stepped back and the bid gets thinner underneath. What I'm pricing off this: ETF redemption pressure tends to show up in perp funding before it shows in spot. Funding is softening while price holds. BTC needs to hold the shelf it built before this print. Lose it and the next leg is a liquidity question. IBIT back to flat or green within two sessions would be the reversal.