The simplest mechanism to understand is the ETF pipe. Since their launch in January 2024, spot Bitcoin ETFs in the US have generated tens of billions of dollars in net inflows. That money came from advisors, hedge funds, family offices and retail investors who chose brokerage as their preferred method of exposure to Bitcoin. The key detail is that they were net buyers almost every week for most of the year. But that pattern broke during the past month. For several days in November, the ETF complex saw heavy redemptions, including some of the biggest outflows since launch. Several funds that were reliable buyers (think BlackRock) have turned into net sellers. Anyone looking at the data for a day must have felt like the entire ETF market had exploded.$BTC ‌