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Bitcoin ETF demand has slowed. US Spot Bitcoin ETFs just recorded their second consecutive day of net outflows. Most of that came from BlackRock's IBIT. Open interest is falling. Funding is staying neutral. Now spot demand is cooling too. To me, this doesn't signal panic. It signals a market taking a breather after a strong move. The next ETF flow report will be far more important than the last one. If buyers step back in while leverage stays low, I'd expect Bitcoin to be in a much healthier position for the next leg higher.$BTC