To the new humans of the new world~ “Drawing Funds In, Bleeding Funds Out”
In the same week, capital took different approaches to different assets.
For the week ending 10-23, reports based on multiple X posts pointed to divergent flows in U.S. spot crypto ETFs: BTC spot ETFs reportedly saw net inflows on the order of several hundred million dollars, while ETH reportedly saw net outflows of a little over $200 million. SOL also saw modest net outflows, while some sources mentioned slight net inflows for XRP. The exact figures and date range need verification; for now, the direction matters more than the precise numbers.
Meanwhile, on-chain discussions claimed that the Ethereum Foundation sold a little over 2,000 ETH through routes including CoW Swap, receiving several million dollars in stablecoins (unverified), sparking debate over the purpose and timing. Publicly traded Ethereum treasury company BitMine disclosed that it added around 10,000 ETH last week, bringing its total holdings to the order of several million ETH (unverified). Chairman Tom Lee continues to publicly maintain a bullish long-term outlook—that is an opinion, not a capital flow itself.
Franklin Templeton filed applications with the SEC for two Nasdaq-listed ETFs, with portfolios weighted toward stocks, an initial Bitcoin exposure of about 5%, and stock dividends reinvested in Bitcoin. See the prospectuses for details. As for prices, several posts said BTC briefly dipped below roughly $80,000 over the weekend before hovering nearby, while ETH was around $2,300. Figures varied across posts and were not cross-checked against exchanges.
What determines the structure is not that weekend dip.
It is whether BTC continues to absorb ETF flows while ETH continues to bleed—and whether this is becoming decoupled from the macro liquidity narrative. Protocol fundamentals are one thing. ETF flows are another. Neither can stand in for the other.
Different paths: one draws funds in, one bleeds them out;
Don’t mistake weekend swings for a trend.
Funds sell coins, treasuries buy;
Flows matter more than price—keep that in mind.
— Mingdao
In the same week, capital took different approaches to different assets.
For the week ending 10-23, reports based on multiple X posts pointed to divergent flows in U.S. spot crypto ETFs: BTC spot ETFs reportedly saw net inflows on the order of several hundred million dollars, while ETH reportedly saw net outflows of a little over $200 million. SOL also saw modest net outflows, while some sources mentioned slight net inflows for XRP. The exact figures and date range need verification; for now, the direction matters more than the precise numbers.
Meanwhile, on-chain discussions claimed that the Ethereum Foundation sold a little over 2,000 ETH through routes including CoW Swap, receiving several million dollars in stablecoins (unverified), sparking debate over the purpose and timing. Publicly traded Ethereum treasury company BitMine disclosed that it added around 10,000 ETH last week, bringing its total holdings to the order of several million ETH (unverified). Chairman Tom Lee continues to publicly maintain a bullish long-term outlook—that is an opinion, not a capital flow itself.
Franklin Templeton filed applications with the SEC for two Nasdaq-listed ETFs, with portfolios weighted toward stocks, an initial Bitcoin exposure of about 5%, and stock dividends reinvested in Bitcoin. See the prospectuses for details. As for prices, several posts said BTC briefly dipped below roughly $80,000 over the weekend before hovering nearby, while ETH was around $2,300. Figures varied across posts and were not cross-checked against exchanges.
What determines the structure is not that weekend dip.
It is whether BTC continues to absorb ETF flows while ETH continues to bleed—and whether this is becoming decoupled from the macro liquidity narrative. Protocol fundamentals are one thing. ETF flows are another. Neither can stand in for the other.
Different paths: one draws funds in, one bleeds them out;
Don’t mistake weekend swings for a trend.
Funds sell coins, treasuries buy;
Flows matter more than price—keep that in mind.
— Mingdao