ETF flow data rarely tells a clean story, and the June 22 session was no exception. Bitcoin spot ETFs posted $68.2 million in net outflows while Ether spot ETFs shed $66 million, according to the original report tracking SoSoValue figures. That would normally signal broad risk-off appetite, but buried in the numbers was a countercurrent: Ark Invest and 21Shares’ ARKB booked a $64 million daily net inflow, a stark outlier that complicates any simple narrative.