Bitcoin spot ETFs have now recorded three consecutive days of net outflows. The latest reading shows $115.6M leaving the products, following $398.6M and $643.2M in the two prior reported sessions. That is more than $1.15B in cumulative outflows across those three days. BlackRock’s IBIT has been the largest source of redemptions, with $95M leaving in the latest data after $405.3M the day before. There were smaller inflows into Fidelity’s FBTC and Bitwise’s BITB, but not enough to offset the selling. I think this is important context for Bitcoin’s current bounce. ETF flows do not dictate price on their own, but they show that institutional demand has been a net headwind while BTC is still below $79,500. The encouraging part is that the latest outflow is materially smaller than the previous two sessions. For me, the next thing to watch is whether those outflows continue to slow, or whether the ETFs return to net inflows as Bitcoin tries to reclaim $79,500. That would make the recovery far more convincing.