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Bitcoin and Ethereum ETF holders are watching gains from 2026 melt away pretty quickly. The culprit? Fading expectations around Federal Reserve rate cuts. As market participants reassess the probability of monetary easing, institutional and retail investors are pulling money out of crypto funds at a noticeable pace. The narrative has shifted—where rate cut optimism once fueled inflows, uncertainty is now driving outflows. It's a classic pattern: macro sentiment flips, and crypto assets feel it first.