🚨 BTC ETF流出 ≠ 機関投資家の仮想通貨離れ

Crypto’s next regime is being priced through balance sheets, ETF flows and policy credibility

The market is shifting from a simple beta trade on Bitcoin toward a more selective repricing of vehicles, jurisdictions and protocols that can absorb institutional capital without narrative leakage. The key signal is not whether crypto is bullish or bearish in the abstract, but which wrappers of exposure are gaining trust as investors weigh treasury leverage, ETF demand, macro uncertainty and the politics of regulation.