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THE ETF BID DID NOT FADE ON FRIDAY $BTC ETFs: +$307.5M $ETH ETFs: +$184.0M That closed a five-day run of: BTC: +$1.918B ETH: +$692.6M Thursday's +$606.3M BTC print got the attention. Friday is the more useful data point. The flow did not vanish after the headline day. Five consecutive positive sessions across both products is a meaningful change from the August outflow stretch. But the distribution matters. IBIT absorbed $1.331B during the BTC run, 69% of the total. ETHA absorbed $536.8M during the ETH run, 77% of the total. Together, two BlackRock products took in $1.87B of the $2.61B combined total. The ETF bid is back. Broad participation is not proven yet. The stronger confirmation next week is not another giant IBIT print. It is FBTC, BITB, ARKB and the non-ETHA ETH funds keeping flows positive when BlackRock cools.