Bitcoin exchange-traded funds recorded a fourth consecutive day of redemptions on Aug. 6, bringing the cumulative outflow since Aug. 2 to about $1.25 billion, according to fund-flow data compiled by exchanges. Roughly $196.2 million left the products on Tuesday alone, extending a retreat that analysts link to mounting stagflation worries in the United States. The withdrawals contrast with fresh balance-sheet buying by corporates and other public treasuries, which together acquired an estimated $552 million in Bitcoin during the same period, data from CryptoSlate show. The diverging flows suggest that while some investors are reducing passive exposure, others are taking direct stakes on price weakness. Sentiment is similarly mixed in Ethereum funds. Spot Ether ETFs suffered a record one-day outflow of $465 million on Aug. 5 but attracted $73.3 million of fresh money the following session, bringing weekly net redemptions to under $400 million. Derivatives positioning skews bearish across both tokens. Options-market tracker Derive said put contracts predicting Bitcoin will fall below $100,000 by the Aug. 29 expiry outnumber calls by nearly five to one, while Ethereum puts targeting levels under $3,000 edge out bullish wagers by just over 10%. On Deribit, puts at $110,000 and $95,000 strikes account for more than $2.8 billion in open interest, underscoring the demand for downside protection. Macro drivers are feeding the caution. Softer growth paired with sticky inflation has pushed the probability of a Federal Reserve rate cut in September to roughly 87%, according to interest-rate swaps. Analysts say clarity on policy and upcoming U.S. inflation data could determine whether the defensive posture persists through the rest of August.