BTC ETFs are experiencing outflows, but Wall Street is buying entire crypto ETF companies. On August 12, BTC ETFs saw another outflow of $61.1 million, while ETH ETFs continued to attract modest inflows of $7.4 million. SOL, XRP, and HYPE saw nearly no capital movement. Meanwhile, behind the scenes, Goldman Sachs spent $2.25 billion to acquire NEOS Investments, a firm managing approximately $32 billion across 19 ETFs—including those holding BTC and ETH. I find this particularly interesting. They don’t need to predict whether BTC will rise or fall tomorrow. Instead, Goldman is acquiring the team, products, and distribution infrastructure to earn management fees once crypto capital flows return. This is especially notable given that Goldman had previously reduced its direct crypto ETF positions. It feels as though Wall Street is shifting from “buying crypto” to “selling the tools that let others buy crypto.” For them, steady fee income is often more appealing than bearing price volatility.