#Bitcoin from peak to trough retraced 15% this week. Second major drawdown since the ETF launch, the other one was 20% at launch.

The second drawdown was the perfect time to see major outflows in ETFs, after seeing significant returns since Jan 11. Time to de-risk and take profits.

The bottom 5 ETFs in terms of inflows have a combined $660M, pretty irrelevant in terms of tracking.

GBTC was at a 50% discount at one point, whoever’s in that does not care about 20% drawdowns. While we’ve seen $10B of outflows.

We are getting drawdowns but they are shallower. ETFs have changed the game, it was the most successful launch in history.

So we only have 4 ETFs to focus on and no outflows in past 2 days. In fact the inflows are getting greater.

$IBIT
$FBTC
$ARKB
$BITB

The buyer of #Bitcoin has changed.
Supply cuts in half in less than 50 days.