Derivatives and ETF flows keep crypto sentiment cautious

CoinDesk and Coinbase data point to prior weeks’ heavy BTC and ETH ETF outflows, large derivatives liquidations, and a ‘volatility meltdown’ that have left retail sidelined and whales as marginal buyers. This overhang, plus ongoing fears around crypto-treasury stocks like MicroStrategy flagged by Reuters, is limiting the impact of the Fed cut on spot prices.