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FLOWS ARE COOLING, BUT PRICE IS STILL HOLDING On Sept. 22, spot ETF flows remained positive 🟠 $BTC +$104.54M → cumulative $56.26B 🔵 $ETH +$37.70M → cumulative $13.56B But inflows were much smaller Current prices remain strong: 🟠 $BTC $86.49K (recent high: $87.40K) 🔵 $ETH $2.76K (recent high: $2.81K) The key point: ETF flows are slowing, but price hasn't broken down The question is no longer: "Are ETFs buying?" If ETF demand keeps cooling, what demand is keeping the market this high?