Haseeb

I mean, look, I have no idea.

So I want to preface with like, look, I'm not a public markets guy.

So I'm speaking a little bit out of my depth.

But I sort of think a little bit of looking at the ETFs is kind of like looking for a signal where like the signal is actually backwards looking, not forwards looking.

But almost by definition, if Bitcoin went down, it's because more people sold.

And so then people look at the ETFs and say, oh my God, the ETFs are sold.

People are moving out of the ETFs.

It's like, okay, well, yeah, well, yeah, they sold.

We know that.

We already know people sold.

So looking at the ETFs and say, well, here, this explains the selling.

No, this memorializes the selling.

This is a record of the selling.

Asking why did they sell

Like, this chart cannot answer that for you.

So, like, I think the answer largely is that they sold because the price wasn't going up.

Because everyone else sold, too.

Yeah, I mean, I don't have some brilliant explanation.

Like, there is a story about, oh, well, you know, the AI trade is soaking up everything.

But that's been true for a while, right?