@megafund

We enter the week coming off the third consecutive week of digital asset ETP outflows, this time totaling $2B, the largest weekly selloff since February’s $2.9B. So far this month, $BTC has seen over 7% of its YTD inflows (-$2B) exit, while $ETH has shed 8.5% (-$1.1B). The rotation out of majors is becoming increasingly visible in the flow data, and importantly, none of it is moving into alts. Capital is simply exiting the ecosystem, an infinite free fall down the risk curve. One particularly interesting angle: at $96,000, every short-term BTC holder (154-day holding period or less) is now underwater. That’s an entire cohort sitting in unrealized losses, creating an environment where forced selling and volatility can accelerate quickly. Only the strong survive from here.

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