Just noticed something interesting in the ETF flows this week. Bitcoin spot ETFs pulled in $1.1 billion over three straight days, which is shaping up to be their strongest week since mid-January. BlackRock's IBIT alone grabbed roughly half of that, around $652 million. Even Grayscale's GBTC had its biggest single-day inflow since converting to an ETF structure. After five weeks of outflows, this is a pretty solid reversal.

What caught my eye is the Coinbase Premium Index flipping positive after 40 days in the red. That's basically the market's signal that U.S. institutional demand is waking back up. The index tracks the price gap between Coinbase and global markets, so when it's positive, it usually means money is flowing in from the U.S. side.

Here's the thing though - CME futures open interest keeps dropping (down to around 107,780 BTC). That's actually a good sign for these ETF inflows. When futures decline while spot ETF inflows rise, it suggests institutions are taking outright long positions rather than just running basis trades. They're actually buying and holding, not just playing the spread.

Total BTC held across U.S. spot ETFs hit 1.29 million coins now. Even with Bitcoin consolidating in the mid-60k range this week, these holdings are within 10% of their October peak, which is wild considering the spot price is still 45% below that same October high. The holdings are basically saying the long-term bet is intact, even if price action has been choppy. Makes you think about what a million-day holding period would look like for someone who just rode this wave without touching it.