$1.2B Bitcoin Just Left Wall Street: 3 Ways This Reset Could Flip Bullish Fast

Last week saw approximately $1.2 billion in net outflows from crypto investment products, overwhelmingly driven by US spot Bitcoin ETFs, marking a significant de-risking event. This ETF-led reset, rather than a broad market exit, is indicated by the concentration of outflows in US vehicles and cooling derivatives metrics like the three-month annualized basis sitting near 4–6%, suggesting leverage reduction rather than forced selling. The near-term market direction hinges on observable channels: a bullish flip could occur if three consecutive green ETF sessions averaging over $200 million coincide with the basis rising back above 8–10%. Conversely, caution is warranted if outflows exceed $1 billion again with basis compressing near 0–3%. The immediate takeaway is that the outflows were ETF-dominated, placing the focus squarely on the US ETF tape to signal the next move, with derivatives confirming the trend.

(Source：CryptoSlate)