US spot Bitcoin ETFs recorded approximately $1.2 billion in net outflows last week, marking a significant de-risking phase in the crypto market. This period, ending November 7, saw one of the largest outflows since late summer, primarily driven by ETF redemptions in the US. The market's current trend reflects a shift in derivatives posture, with funding rates cooling and Bitcoin futures open interest declining. Over $1 billion in long liquidations suggest a cleanup of leveraged positions rather than broad capitulation. The market's future direction may hinge on the resumption of ETF inflows, with key indicators being daily ETF prints, three-month basis levels, and open interest trends.