Quick update on the BTC ETFs. - 91.7k of BTC outflows since 10/10/25 ($8.3b) - Total BTC held by the ETFs is down 6.7% over that period - The ETFs currently hold 6.3% of the BTC supply (down from a peak of 6.8%) - While the ETFs have seen weak inflows since 10/10, they are *not* the primary driver of BTC's aggressive sell off It will be interesting to see if demand returns as BTC price rebounds and potentially stabilizes in the coming months. --- After last week's volatility, we're sharing updated views on the current setup, price targets, and our approach to portfolio management with readers on Wednesday. If you'd like to have the latest research hit your inbox when it's published, you can sign up below 👇 Data: @glassnode