TechFlame reports that despite the contraction in dollar liquidity since April 9th, inflows into ETFs and purchases of DATs had enabled Bitcoin to rise—though that dynamic has now ended. This backdrop is insufficient to sustain institutional investors' continued buying of ETFs, and with most DATs trading below mNAV, investors are also starting to steer clear of these Bitcoin derivative securities. If these flows fail to mask negative liquidity, Bitcoin must decline to reflect current short-term concerns that dollar liquidity will either contract or fail to expand as rapidly as politicians have promised.