Bitcoin Spot Liquidity Weak, ETF Outflows Slow Signaling Stabilization

Thin spot liquidity is the more telling signal here: it means the ETF flow data is being read through a market that can't easily absorb size, so decelerating outflows matter less for direction than for how violently any renewed selling or buying gets priced. This affects anyone using spot as a price reference, including the cash legs of basis and RWA-linked products that lean on Bitcoin as collateral or settlement. Whether the slower outflow pace reflects genuine demand stabilization or simply exhausted sellers is the open question.