$BTC ETF flows are telling a more nuanced story than price alone. > US spot Bitcoin ETFs added about $225M in net inflows, but the entire move was carried by BlackRock’s IBIT with ~$322M entering the fund. > That single stream absorbed ~$117M of combined outflows from Fidelity and Grayscale. > All of this is happening while the Fear & Greed Index sits near 10, deep in extreme fear territory. Capital returning while sentiment remains pessimistic often marks early positioning rather than late euphoria. If flows keep building while fear persists, how long before price begins to reflect the accumulation happening beneath the surface?