Spot Bitcoin ETF flows flipped negative again in the latest complete data, and this time the pressure was not just GBTC. Today’s episode breaks down why the ETF wrapper channel matters, how the Federal Reserve’s hawkish tone kept Bitcoin’s liquidity backdrop tight even as oil fell, and why HIVE’s $220 million AI compute contract shows public miners trying to turn power infrastructure into something broader than hashprice exposure. Plus: mining difficulty, Texas reserve custody watch, ReserveOne, and Binance’s European regulatory risk.

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