$261 million. That's the combined one-day bleed from U.S. spot Bitcoin and Ethereum ETFs — $231M exiting BTC products and $30M fleeing ETH funds, per Farside Investors data. BlackRock's IBIT alone shed roughly $300M in what looks like institutional portfolio rebalancing rather than full-blown capitulation. The streak matters because ETF flows are now the cleanest window into how traditional money is positioning, and right now it's saying: cautious.

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