Since early November, the 30-day moving average of US spot ETF net flows has stayed negative for both Bitcoin and Ethereum.

This means that, on average, more capital has been leaving these ETFs than entering them for several weeks in a row.

This is important because ETFs are mainly used by institutions.

When flows stay negative for this long, it shows reduced institutional participation rather than short-term trading noise.

On the Bitcoin chart, negative ETF flows have coincided with price weakness and failed recoveries.

Each time inflows turned positive earlier in the year, price followed with strength. That has not happened since November.

The Ethereum chart shows an even clearer effect.

ETF outflows increased while ETH price trended lower, showing that institutions were reducing exposure instead of adding on dips.

This does not mean panic selling. It means institutions are not deploying fresh capital yet.

In past cycles, sustained negative ETF flows usually appear during consolidation phases, not final market tops.

Price stabilizes first, flows turn neutral, and only then do inflows return.

For now, the data suggests liquidity is inactive, not destroyed.

A trend change will likely start with ETF flows turning positive again before price makes a strong move.