ETF outflows signal that institutional allocators are mechanically de-risking based on macro conditions rather than Bitcoin conviction, breaking the narrative that regulated wrappers provide sticky structural demand.

"Faced with a real macro shock, the allocation behaved exactly like every other risk allocation in the book, which is to say it left, on schedule, through the most liquid exit, without ceremony. June was the first month that tested the sticky part of the story at scale, and the answer was unambiguous."