Bitcoin ETFs Shed $1.16B as Bitwise Calls Outflows Short-Term

The split between the flow data and Bitwise's read on institutional positioning is the real story here: redemptions are being framed as sentiment-driven rather than a structural exit, which matters because ETF flows have become the most visible proxy for institutional appetite in this market. If Dragosch is right that exposure is largely intact, the withdrawals look more like short-term de-risking than a change in conviction. The open question is whether flows stabilize once sentiment shifts, or whether sustained outflows start to undercut that claim.