Demand keeps walking out the door

Everything cooled this week. All three IQ scores fell together, and the one hard number underneath is a Bitcoin ETF picture that's been bleeding for a month straight. Here's what moved, what it actually tells us, and the one thing I'm watching for a turn.

The Read

• Cycle IQ 48.6 (Neutral), down 8.1 on the week — the softest read in a month.
• Altcoin IQ 38.6 (Neutral, −6.3) and Attention IQ 32.3 (Quiet, −3.3). Everything cooled together.
• BTC ETFs bled −$1.72B this week, red on 4 of 5 days — the 4th straight week of outflows, and the biggest yet.
• The verdict: a soft, low-energy grind under steady ETF selling, with the crowd checked out. Nothing here calls a bottom.

The ETF drain is the real story