Capital is quietly leaving the room.
According to Glassnode, aggregate 30D Realized Cap flows have rolled sharply negative — one of the deepest outflow phases since the 2022 bear market. That’s not noise. That’s capital exiting at scale.
$BTC +
$ETH net position change has flipped decisively lower. At the same time, stablecoin growth is stalling near neutral — meaning fresh sidelined liquidity isn’t building.
This isn’t panic. It’s contraction.
When realized cap flows turn this negative, it signals distribution pressure and reduced conviction. Until stablecoin expansion resumes and net positio