Bitcoin’s April move highlighted a clear disconnect: Price pushed toward $79K while ETF flows flipped deeply negative institutions were selling into strength, not supporting it. Momentum faded near the highs as leverage unwound and buyers hesitated at elevated levels. Flows turned positive the next day, helping stabilize price but it felt reactive, not leading. Conviction is still thin, and this $BTC market is being driven more by short-term positioning than strong institutional demand.