Bitcoin ETFs draw $424M in three days, October inflows turn positive at $111M

The signal here is less the size of the flows than their direction against the backdrop: sustained ETF demand through a hawkish Fed decision and weak sentiment suggests institutional allocation is behaving less like a sentiment trade and more like a scheduled one. That matters for issuers and allocators who use ETF flows as a proxy for conviction, since it complicates the usual read that flows simply follow price and mood. Whether this decoupling persists through the rest of October is the open question, particularly if sentiment stays soft.