Since last November, BTC’s Risk Index and BTC Spot ETF flows have moved almost in lockstep. When ETFs distribute, risk destabilizes and selling pressure dominates. When ETFs accumulate, risk decreases and drifts toward a low risk regime. Last week was the key: outflows stopped and ETF accumulation began, a signal the Risk Index was close to exiting capitulation. And so it did. If that accumulation persists, the base case is Risk Index cooling toward, and potentially below 25, where buyers regain control. @glassnode @swissblock__