April saw nearly $2 billion in inflows. May and June saw billions leave. July brought only $205 million."

That's a dramatic shift, and it shows how quickly sentiment can change.

The ETF narrative was supposed to be a "permanently open door" for institutional capital. But when macro fears hit like the Fed potentially resuming rate hikes even big money pauses.

The $205 million figure isn't nothing but compared to last July's $6 billion, it's a whisper.

What I find interesting is that the pause might not mean institutions are rejecting Bitcoin — they might just be waiting. Clarity on rates, the Clarity Act, and macro direction could change the picture quickly.

What do you think is this a temporary pause, or a sign of deeper hesitation?

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