$BTC / #Bitcoin: BlackRock’s IBIT drives the positive ETF flow over the past 28 days. From September 23 to October 20, 2026, U.S. spot Bitcoin ETFs show: • IBIT: +$1.407 billion in net inflows • All other ETFs combined: −$851 million • Total ETF balance: +$556 million Strategy also reported additional purchases of 2,516 BTC for approximately $215 million during this period, bringing the total to the ~$770 million shown in the chart. Strategy accounts for roughly 28% of this total. The breakdown reveals how heavily the positive ETF demand is concentrated in a single fund—IBIT fully offsets the outflows from all other products. My focus, therefore, is on whether inflows will broaden to other ETFs and restore their combined balance to positive territory—indicating a more diversified demand base. This analysis considers ETF net flows and Strategy purchases as of their reporting dates. Let’s go 💪 Knowledge is wealth. Recognize trends. Act with foresight. TSC | Trend Serra Capital