$3.8B in ETF outflows. Retail buying. Who blinks?

$3.8B in ETF outflows over five weeks. Small wallets up 2.5% since October. Whales trimmed 0.8%. Retail is buying what institutions are selling.Today's key developments:• Spot Bitcoin ETFs have now bled for five consecutive weeks, totaling $3.8B in net outflows. Meanwhile, small wallets increased BTC holdings by 2.5% since October's all-time high while large holders trimmed 0.8%.• The SEC quietly issued guidance letting broker-dealers apply a 2% haircut to proprietary stablecoin positions, effectively treating certain stablecoins as near-cash capital. Same day, ProShares launched a stablecoin-ready money market ETF that did $17 billion in day-one trading volume.• Glassnode says Bitcoin has broken below the True Market Mean at ~$79K, entering a defensive range between $79K and the Realized Price at ~$54.9K. BTC is down 46% from its October peak, and whale exchange deposits continue.📰 Read the full Daily Pulse: https://pulse.tokenmetrics.com/p/new-post-8689?[object Object]🔔 Subscribe for daily crypto market updates!⚠️ Disclaimer: This content is for educational purposes only and does not constitute investment advice. Always do your own research.#crypto #bitcoin #ethereum #dailypulse #tokenmetricsSign up for the Daily Pulse at tokenmetrics.com