• Bitcoin funds are experiencing an outflow of coins as investors anticipate an early pivot in favor of liquidity easing from the Federal Reserve (Fed) due to recent U.S. bank failures.
• The number of coins held by spot and futures-focused ETFs in Europe, Canada and the U.S. has decreased this month by 16,560 Bitcoin, equivalent to $409 million.
• This decline in the balance of funds implies a lack of institutional participation in Bitcoin's recent rally, despite it being driven by safe-haven demand and hopes of Fed rate cuts.
• Some observers believe Bitcoin's strengthening appeal as a hedge against the banking system is a driving factor behind the surge.

The article presents a mixed sentiment towards Bitcoin. While it highlights the decline in the balance of funds and lack of institutional participation in Bitcoin's recent rally, it also acknowledges the driving factor behind the surge, which is Bitcoin's strengthening appeal as a hedge against the banking system.