ETF funds have been net outflows for six consecutive days, totaling over $500 million, but the market has not experienced panic selling.

This round of withdrawal is not retail behavior but an active reduction of positions by institutions under macro expectations re-pricing.
U.S. banks disclosed nearly $53 million in crypto ETF holdings in Q1, but the inflow of new funds has significantly slowed, indicating that allocation funds are waiting for a clearer interest rate path.
Meanwhile, miner reserves have fallen to a four-year low, but long-term holders' positions have hit a new all-time high—chips are shifting from weak hands to strong hands, and the supply structure is diverging.
The risk is that if macro data continues to exceed expectations (such as the Shiller P/E ratio reaching a 25-year high), institutions may further reduce risk exposure, and ETF outflows could turn from "adjustment" into "trend."
On-chain liquidity stratification is intensifying; do not be fooled by the calm of the daily K-line.
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