Really interesting commentary from Bloomberg's ETF analyst Eric Balchunas

- Overall, ETF inflows were massive yesterday (ETF buyers love dips)
- Meanwhile BTC ETFs saw massive outflows

Balchunas comments: "Bitcoin is in a weird place, the narrative is totally in tact (nothing stops this train + institutionalization still in effect) but coiners are afraid of their own shadow rn, it's hard to watch frankly, a Vanguardian would never act this way"

The bull case narrative touted across all of 2025 is still in place, yet this 4-year cycle boogeyman hangs over Bitcoin/crypto.

A self-fulfilling prophecy.

Until it isn't