THE ETF SAFETY NET JUST BROKE.

The Bull Case was simple:

Old Whales sell ➔ ETFs buy ➔ Price goes UP.
(The "Custody Squeeze")

That narrative is DEAD.

For the last 60 days, we haven't seen a "handoff." We’ve seen a COORDINATED EXIT.

The Reality:

Instead of absorbing the selling, Wall Street JOINED it.

> THE WHALES: Dumped 300,000 BTC (Last 90 days).
> THE ETFs: Drained -$2.67 BILLION (Last 60 days).

It started with hope in October...
But the tide turned VIOLENTLY in November with massive daily outflows.

The Simple Truth:

There is NO "Squeeze" when the two biggest players EXIT at the same time.

The "Buyer of Last Resort" has LEFT THE BUILDING.

Now supply is exploding.