#BTC spot ETFs recorded their highest monthly inflow since July 2025.

$3.5 billion sounds like a lot, but it’s still peanuts compared with daily fluctuations in U.S. stocks. In the long run, this incremental amount is just the beginning.

Highest monthly inflows since July, indicating that traditional capital’s allocation logic for BTC remains unchanged—it’s merely a matter of timing.

The pace of institutional entry is steadier than I imagined; new highs after July.

The $3.5 billion in August was indeed massive, and the ETF fund-siphoning effect is still continuing.

ETF inflows look like the prelude to a new round of FOMO, but on-chain data hasn't fully caught up yet.