$3.8B in ETF outflows. Retail buying. Who blinks?
Published: February 21, 2026
Duration: 10:19
$3.8B in ETF outflows over five weeks. Small wallets up 2.5% since October. Whales trimmed 0.8%. Retail is buying what institutions are selling.
Today's key developments:
• Spot Bitcoin ETFs have now bled for five consecutive weeks, totaling $3.8B in net outflows. Meanwhile, small wallets increased BTC holdings by 2.5% since October's all-time high while large holders trimmed 0.8%.
• The SEC quietly issued guidance letting broker-dealers apply a 2% haircut to proprietary stablecoin positions, effectively treating certain stablecoins as near-cash capital. Same day, ProShares launched a stablecoin-ready money market ETF that did $17 billion in day-one trading volume.
• Glassnode says Bitcoin has broken...
Today's key developments:
• Spot Bitcoin ETFs have now bled for five consecutive weeks, totaling $3.8B in net outflows. Meanwhile, small wallets increased BTC holdings by 2.5% since October's all-time high while large holders trimmed 0.8%.
• The SEC quietly issued guidance letting broker-dealers apply a 2% haircut to proprietary stablecoin positions, effectively treating certain stablecoins as near-cash capital. Same day, ProShares launched a stablecoin-ready money market ETF that did $17 billion in day-one trading volume.
• Glassnode says Bitcoin has broken...