Key takeaways
- Spot ETFs continued a second day of outflows on Tuesday: Bitcoin ETFs −$104 million, Ethereum ETFs −$141 million (all nine ETH funds reported no inflows).
- Price action: BTC holding $112,000, ETH ~$4,100, SOL < $210; total crypto market cap ~$3.86 trillion, 24-hour volume down 24 percent.
- Macro: M2 jumped to $22.2 trillion with US SEC approving generic ETF listing standards and the CFTC floating tokenized stablecoins for derivatives. This could serve as structural tailwinds for spot product growth.
- Leverage reset: futures OI fell to $42.8 billion from $44.8 billion, lowering forced-liquidation risk; but long-term holders have realized 3.4 million BTC, a historically large distribution.
