Spot Bitcoin ETFs posted $166.8 million in net redemptions across two days, ending the $3.8 billion accumulation run that was the strongest stretch of 2026. The amounts are small against a $99.3 billion asset base, but BlackRock's IBIT joining the redemptions is the detail that matters, since IBIT led nearly every inflow session during the run. Wholesale inflation coming in hotter than expected and sovereign yields at their highest since late 2023 are the cited causes.