Bitcoin ETFs reversed course in a day. Who is buying when the funds sell?

U.S. spot Bitcoin ETFs swung from inflows to outflows within a day, showing that institutional fund demand can shift quickly. When ETF investors sell, Bitcoin may still be absorbed by other buyers—such as direct holders, corporate treasuries, or other market participants—but the source does not identify a definitive buyer. ETF flows are therefore an important, but incomplete, signal of Bitcoin demand.