Last night, both the crypto market and U.S. stocks were dropping. Thought ETFs would see net outflows, but just checked the data—still net inflows. $BTC ETFs had a net inflow of $870M, and $ETH ETFs saw $420M in net inflows. Over the past 7 trading days since the end of September, $BTC ETFs have had nearly $600M in net inflows, roughly 50K $BTC, while $ETH ETFs saw close to $2B in net inflows, about 450K $ETH. Looking at stablecoins, there’s been a cumulative issuance increase of nearly $5B over the past 7 days. If part of the spot ETF inflows is for hedge fund arbitrage, checking CME since the end of September shows $BTC futures positions increased by 15K $BTC and $ETH futures by 200K $ETH. Excluding the arbitrage portion, over the past 7 trading days, $BTC ETFs had a net inflow of 35K $BTC and $ETH ETFs 250K $ETH. The net inflow volume is still pretty significant.