Bitcoin’s calm price action is a trap: The steady ETF bid that supported it has already disappeared

Spot Bitcoin ETFs gave the market a clean, daily scoreboard: a green print meant fresh cash crossing the boundary from traditional brokerage accounts into Bitcoin exposure, and a red print meant the opposite. For much of the first year of spot ETFs in the US, that scoreboard tracked sentiment and set the market’s tempo. Traders learned to treat flows as the simplest proxy for a real bid, because the buyer was observa…