ETF net inflow does not necessarily mean the spot price must rise in tandem. Farside recorded that the U.S. spot BTC ETFs had four consecutive trading days of net inflows from September 21–24 totaling $2.2513 billion; on September 25, the table still shows missing fund data, and $37.5 million is not a complete day-end figure. Binance BTCUSDT at 02:43 UTC was around 84,025, down -0.56% over the past 24 hours. The two sets of readings do not conflict: fund net subscriptions/redemptions describe one end of the capital flow and cannot on its own prove that, within the same period, the exchange’s marginal bid overwhelmed the sell side. The U.S. 10-year Treasury yield on September 25 was 5.17%; it provides an opportunity-cost backdrop, but it is not a standalone causal proof that BTC fell. If, going forward, the ETF’s full-day net inflow continues and the exchange’s spot actively buys in a way that strengthens order-book absorption in sync, the explanation that “flows have not yet translated into marginal pricing” will weaken; if capital flows retreat while spot demand does not improve, that explanation becomes stronger. $BTC