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【What Matters Beyond Price】 Crypto is seeing an important shift: Capital is returning, while market structure is changing. From Aug. 17–21, U.S. spot BTC ETFs saw about $1.92B in inflows, while ETH ETFs saw $697M, totaling about $2.6B. This shows renewed institutional demand. But I wouldn’t call it a new bull market yet. The key questions are: Why is capital entering? Where is it going? Can it continue? I’m watching three areas: ① ETF Flows One week is short-term data. The real signal is whether flows remain positive over 30 and 90 days. ② Stablecoin Liquidity Stablecoins are becoming the “on-chain dollar.” Global stablecoin market cap is now above $300B. But: More stablecoins ≠ Immediate buying. I also watch: Stablecoin Supply + Exchange Balances + TVL + Volume ③ Regulation On Aug. 18, the SEC proposed a new Regulation Crypto Assets framework, signaling a clearer path for certain crypto-related investment contracts. Crypto may be moving toward: Institutional participation + compliant infrastructure + tokenization. When researching small-cap projects, I focus on: Capital → Users → Transactions → Revenue → Token Value Capture A low market cap alone means nothing if there are no real users, revenue, or value capture. My view: Price is the result. Data is the evidence. I’ll continue tracking: ETF Flows Stablecoins Users TVL Volume Revenue Unlocks Holders Funding Rates CVD Don’t chase price. Study capital first, then value. Personal market research and opinions only. Not financial advice.