The $800 million single-day net outflow from Bitcoin spot ETFs signals a sharp shift in investor sentiment, likely driven by market uncertainty or profit-taking. A downward shift in the options maximum pain point suggests market makers may struggle to hedge effectively, as their positions could face increased pressure from misaligned strike prices. This misalignment might indicate waning ability to stabilize prices, potentially exacerbating volatility. However, robust ETF trading volumes, recently at $2.24 billion, show sustained market interest despite outflows. Institutional players like BlackRock and Fidelity saw significant withdrawals, reflecting broader market dynamics. If market makers' hedging fails, Bitcoin could face further downward pressure, but long-term investor confidence may still hinge on regulatory clarity and macroeconomic trends. Critical analysis of these flows is key to understanding market maker resilience.