The split between funds also matters. According to the source packet, Grayscale’s GBTC led Monday’s outflows with $124.01 million leaving the product, while BlackRock’s IBIT led Tuesday’s inflows with $16.35 million. GBTC also saw a $16.81 million outflow on Tuesday.
That creates a familiar picture: legacy-product outflows continue to weigh on the headline number, while lower-fee or more institutionally preferred products pick up demand. For Bitcoin, the net effect is what matters most, but the internal rotation helps explain why flows can look choppy even when institutional interest has not disappeared.
The Fed Is The Macro TestThe timing is difficult for risk assets. The market is waiting for the Fed’s rate decision, updated guidance, and the tone of Chair Kevin Warsh’s press conference. If the Fed reinforces a higher-for-longer stance, ETF buyers may stay cautious. If policy language is less restrictive than feared, Bitcoin could see renewed demand from investors who paused ahead of the event.
The next few sessions may be more revealing than the individual Monday or Tuesday figures. If ETF inflows expand after the Fed and Bitcoin holds key support, the market could treat this week’s hesitation as simple pre-event caution. If outflows return and BTC weakens, the flow picture may confirm that institutions are reducing exposure into tighter financial conditions.
For now, Wall Street’s Bitcoin trade looks cautious rather than broken. The Fed decision may decide whether that caution turns into renewed demand or another defensive rotation.
