US spot Bitcoin ETFs just recorded another day of inflows. The funds attracted a combined 85.55 BTC on Monday, worth approximately $6.7M. But there's something worth pointing out here. Fidelity's FBTC accounted for the entire inflow, while the other funds recorded zero net flows. That's a pretty small amount of buying, especially after the ETFs saw 8,250 BTC in net outflows on October 30. The bigger picture is still impressive, with cumulative net inflows now sitting at $57.44 BILLION, equivalent to around 717,400 BTC. Total net assets across the funds stand at $102.77 BILLION. I think the important distinction is that long-term ETF demand remains substantial, but we're not seeing particularly strong fresh buying right now. I'd like to see several consecutive sessions of stronger inflows, spread across multiple funds, before calling this a meaningful return of institutional demand. The capital is there. The question is whether institutions are ready to start deploying it again.