ETF flows are flashing a warning sign that most crypto investors are ignoring.

Bitcoin and Ethereum spot ETFs are still seeing net outflows, even after months of consolidation and headline “institutional adoption” talk.

If you smooth the noise and look at the 30-day moving average, the picture is very clear:

• BTC ETF net flows are still negative
• ETH ETF net flows are still negative
• There is no sustained, fresh demand yet

This matters more than daily price candles.

ETF flows are one of the cleanest signals of real money, not leverage, not traders, not short-term speculation. When institutions are truly positioning for upside, flows turn positive and stay there.

That hasn’t happened.

What we’re seeing instead is:

– Price holding up while demand is weak
– Rallies driven more by positioning and structure than new capital
– Buyers stepping aside, not stepping in

This usually means the market is still early in the process, not late.

In past cycles, the big move did not start when ETFs launched or headlines peaked.
It started after flows flipped positive and stayed positive for weeks.

Until that happens, this is still a market building pressure, not releasing it.

No panic.
No euphoria.
Just a quiet phase where smart money waits for confirmation.

When ETF flows turn decisively positive again, the tone of this market will change very fast.

That’s the signal to watch.