🚨 PANIC CONTINUES

🔽 BTC: -$754.6M (biggest sell-off at BlackRock)
🔽 ETH: -$94.3M (BlackRock clients leading the sales)

ETF clients' de-risking is accelerating—something that Arthur Hayes, co-founder of BitMEX, had warned about.

What’s happening?
• According to Hayes, hedge funds are arbitraging between ETFs and CME futures.
• When the spread between spot and futures narrows, they may dump ETFs en masse.
• Arbitrage becomes unprofitable when returns drop below U.S. bond yields—and that’s exactly what happened.