Where Is the Money Flowing?

USDT is coming back to Bitcoin, opening up more ways to transfer USDT, swap BTC ↔ USDT, and use BTC as collateral.

Honestly, I don’t think this is just about USDT returning to Bitcoin.

It’s another route for USD liquidity to enter the Bitcoin ecosystem.

Meanwhile, U.S. spot Bitcoin ETFs recorded $102.7M in net inflows on Oct 1, after bringing in around $6.34B in Q3.

One side expands the path for stablecoin liquidity.
The other continues to attract institutional capital.

Where is the money flowing, and where is it staying?