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A reversal in ETF flows is a positioning signal, not yet a durable trend. US spot BTC ETFs lost $450M over Sept 8-10 after taking in $1.01B over Sept 2-4. My read: whether demand returns after the Sept 16 Fed decision matters more than either short stretch alone. With quarterly options expiry on Sept 25, a rebound in inflows would still need evidence of persistence. #BTCSpotETF450MOutflow