Bitcoin and Ethereum ETF flows turned negative last week, with BTC seeing outflows of $158.3M and ETH dropping $161.3M. On the surface, it might look concerning—but dig deeper and this reads more like tactical rebalancing than investors heading for the exits.

The broader risk appetite did ease across major assets, yet that's fairly normal when markets pause to recalibrate. The key is whether this becomes a sustained pattern or just noise in the weekly cycle.

Watch the macro backdrop closely—inflation data, Fed signals, and geopolitical moves could shift sentiment fast. Next week's flow figures will tell us if this was a blip or the start of something more fundamental.