Every Zipp story tagged #K33, newest first.
Rolling one-year notional flows just turned negative for the first time in 19 months, and ETP holdings are down 8% from peak. The shape, not the size, is what institutional desks will read.
K33's latest note argues positioning is already washed out, leaving less forced-selling fuel if BTC revisits prior lows — the contrarian floor nobody wants to fade.
The pattern matters because the buyer isn't a passive ETF allocator but a preferred-equity structure that mechanically pulls forward demand around the 15th of each month.
TheBlock
CoinDesk