Who is funding the bounce? US spot Bitcoin ETFs took in a net $997.4M between 15 and 21 October. Almost all of it landed on two days: +$526.7M on 19 October and +$524.8M on 21 October. Over the same week, total stablecoin supply fell $1.71B, from $305.52B to $303.80B. BTC still finished the week higher at $82,204, up 2.39% over seven days. It briefly reached about $84,800 late Wednesday before giving back more than $2,000 overnight. The two flows reach different markets. ETF demand runs through authorised participants and mostly shows up as spot buying on a small set of venues. Stablecoins are the quote currency for most crypto-native books: perps margin, altcoin pairs, DEX pools and new listings. A bounce funded by ETF creations does not refill the stablecoin balances behind altcoin and long-tail order books. When that float shrinks, quote-side depth on smaller pairs thins first, and spreads there widen faster on volatile days.