Institutions pulled $431.8M from Bitcoin and Ethereum ETFs yesterday. The breakdown is worth examining.

$BTC spot ETFs saw $348.90M in outflows, making up 81% of the total exit. $ETH spot ETFs added $82.90M on top.

The interesting part is that both assets are seeing simultaneous institutional selling. This is not a rotation from Bitcoin into Ethereum or vice versa. Money is leaving crypto ETFs entirely.

The last time combined daily outflows crossed $400M, both assets dropped another 7-8% within the following week. That pattern has held three times since the spot ETFs launched.

Of course past outflows do not guarantee future price action, and inflows can reverse overnight on a single macro catalyst.

At what level of sustained outflows would you consider this a structural shift rather than a temporary pullback?