Spot Bitcoin ETFs saw $477 million in net outflows from July 23–27, ending a 7-day inflow streak and marking the third straight day of negative flows as of July 28. Ethereum ETFs were steadier with only one outflow day in the same window.
Matters because: the outflows line up with a 166% jump in liquidations to $662 million and a more short-tilted positioning mix, suggesting traders are de-risking ahead of the Fed decision.