Bitcoin ETFs see $636M net outflows, erasing prior day’s inflows

The scale of the reversal matters more than the direction: a single day's redemptions wiping out the prior session's gains suggests flows are being driven by short-term positioning rather than durable allocation. That IBIT absorbed the largest share is notable, since the largest fund often anchors sentiment for the whole complex. Whether this proves a one-day air pocket or the start of a sustained de-risking is the open question, and the next few sessions' flow prints — particularly whether redemptions broaden beyond the funds cited here — will say more than any single day's number.