Wednesday's U.S. CPI (consumer price index) release will be the key test of whether the latest interest-rate repricing can hold, Wintermute said, as cryptocurrencies join a broader rebound in risk appetite. U.S. spot Bitcoin ETF inflows extended to five straight trading days, drawing a combined $853.5 million for their best weekly showing since mid-April, while Ether ETFs logged a fifth consecutive week of net inflows, adding $244.9 million. BlackRock accounted for more than 80% of the combined $1.1 billion that moved into the two ETF groups. Wintermute said the inflows came against relatively muted trading volumes, a pattern that looks more like institutions allocating on schedule than aggressive momentum buying. It also said that dynamic has reversed the recent narrative of capital rotating away from Bitcoin over the past two weeks, with ETF demand currently being met by supply elsewhere. On the institutional side, Wells Fargo said it will launch tokenized deposits this fall, starting with a U.S. dollar-British pound corridor on its own chain, joining JPMorgan and Citi in moving settlement rails on-chain. In Washington, the U.S. Senate Majority Leader filed a cloture motion on the CLARITY Act early Saturday, setting a procedural vote for Sept. 15 that will require support from at least seven non-Republican senators. Wintermute said the improvement in ETF inflows is encouraging but still preliminary, warning that a single strong week is not enough to confirm a structural shift, especially after the broader risk-asset complex repriced off one data point. If Wednesday's CPI comes in above expectations and pushes the probability of a September rate hike back above 50%, it could quickly challenge the core logic behind the current rally. The report highlighted Aug. 12 CPI, Aug. 13 PPI (producer price index), Aug. 14 retail sales, the Aug. 27-29 Jackson Hole meeting, and the Sept. 15 CLARITY Act cloture vote as the next major catalysts, and said caution remains warranted until ETF inflows and digital asset treasury activity prove durable through the rest of the summer.