BTC returned 25% in August as spot ETFs absorbed ~$3.9 billion, and the ETF flow regime had already flipped to accumulation three weeks before price broke out. Effectively, the short squeeze accelerated a bid that was building rather than manufacturing one. Corporate treasury demand remained muted in August, leaving ETFs to absorb close to ten times as much BTC. The debasement trade saw BTC and gold ETF flows recovering together, with their correlation at a six-year high. This is all happening in an uncertain macro environment as interest rates rise.