Bitcoin spot ETF flows turned negative this week—$782 million in outflows during the Christmas period. But here's the thing: Kronos Research CIO Vincent Liu points out this wasn't necessarily a bearish signal. Holiday rebalancing and reduced market liquidity likely played bigger roles than any drop in institutional interest. Think about it—year-end portfolio adjustments are pretty standard, especially when trading volume thins out across the board. The data suggests institutions still have appetite; they're just being tactical about timing and liquidity conditions.