Spot BTC ETFs took in $3.05M on June 4 after 13 straight outflow days, while spot ether ETFs pulled $19.3M to end a 17-day bleed, even with BTC still hovering below $63K. The better tell is rotation, not recovery: Block Scholes says BTC and ETH perp volumes on Hyperliquid hit multi-quarter lows while equity-index and pre-IPO perps surged. Friday’s NFP print, with 85K jobs expected and unemployment seen at 4.3%, is the next macro check on whether crypto gets its marginal bid back.

TLDR by @Benthic

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