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THE $BTC ETF STORY ISN’T AS SIMPLE AS +31% Bitcoin ETFs attracted $3.52B in August, lifting total net assets from $76.29B to $99.61B. But most of that asset growth came from BTC’s price appreciation, not fresh capital. The bigger signal: ETFs were still ~$1.77B net negative for 2026 after August. Then September opened with a $236.46M outflow, the largest since July 31. So the real question for $BTC: was August accumulation, or distribution into strength? #NFPTestsSeptHikeOdds