The post 5 clear signals that will prove if the Bitcoin bull run is still alive appeared com. Crypto Twitter is filled with claims that “everyone is buying Bitcoin”, from Michael Saylor and BlackRock to entire countries and even banks. Yet despite the accumulation narratives, Bitcoin’s price has slipped sharply, breaking below key levels as ETF flows turned negative. The contradiction between bullish headlines and falling prices emphasizes a crucial point: in markets driven by liquidity and marginal flow, who’s actually buying, and when, matters far more than who says they are. Bitcoin fell through $106,400 as spot ETF flows turned negative over four consecutive sessions. The shift came as BlackRock’s IBIT logged redemptions over the last four days, totaling $714. 8 million, removing a significant source of daily demand right as a widely watched cycle pivot gave way. According to Farside Investors, the outflows of $88. 1 million, $290. 9 million, $149. 3 million, and then $186. 5 million coincided with the breakdown. They forced selling by authorized participants who redeemed shares for underlying Bitcoin and offloaded them into the market. Thus, the net flow flipped. When creations slow and redemptions rise across the U. S. spot ETF complex, the daily bid that helped absorb volatility turns into a source of supply. Mid-October saw stretches of net outflows across digital asset funds as Bitcoin battled to stay above $106,400. While there were brief inflow days late in the month, the most recent run tilted back into the red, a pattern that aligns with the IBIT prints captured above. The mechanical impact matters because ETF flow translates into spot buys or sells, and the timing overlaps with a break of a level that many traders use to distinguish a late-cycle pullback from a trend resumption. Derivatives added pressure. The CME three-month futures premium has cooled to roughly 4 to 5 percent annualized over the back half of the year, curbing carry-trade incentives that pull.