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CRYPTO TREASURY THE NEXT TEST ISN’T DEMAND, IT’S DURABILITY. The latest capital flows are showing that the crypto market is entering an interesting phase. $BTC ETFs recorded approximately +$101.15M on September 2, reversing the previous day's roughly $236.5M outflow. But while Bitcoin attracted fresh capital, the broader picture is becoming more mixed. $ETH ETFs saw their 12-day inflow streak come to an end. $SOL ETFs also recorded their first outflow after an extended period of positive flows. And then there’s $HYPE. HYPE has entered Hashdex’s U.S.-listed crypto index ETF with a 3.4% weighting, giving the asset another point of exposure within a traditional investment vehicle. None of these developments should be viewed in isolation. The more important question is what happens when volatility increases. Because during strong markets, almost everyone can look like a long-term buyer. The real test comes when prices fall, sentiment weakens and liquidity becomes more difficult to access. That's where crypto treasury durability becomes important. Companies and institutions that have accumulated BTC and other crypto assets are effectively making a long-term bet on the market. But maintaining that strategy through volatility requires something more than conviction. It requires capital. If treasury firms continue accumulating during major pullbacks, it could demonstrate that institutional demand isn't purely dependent on short-term price momentum. If accumulation slows dramatically when volatility increases, then the market may need to rely more heavily on ETF demand and traditional spot buyers. That's why I'm watching both sides of the market. ETF flows tell us where capital is moving today. Treasury accumulation tells us who is willing to keep buying for tomorrow. Bitcoin has already shown signs of renewed ETF demand. Meanwhile, ETH and SOL are experiencing a cooling in their flow momentum. The next phase will be about determining whether this is simply temporary repositioning or the beginning of a broader shift in capital allocation.