U.S. inflation data due on Wednesday is shaping up as the key test of whether the latest interest-rate repricing can hold, Wintermute said, as crypto joins the broader rebound in risk appetite. U.S. spot Bitcoin ETFs recorded net inflows for five straight trading days totaling $853.5 million, their strongest week since mid-April, while Ethereum ETFs posted a fifth consecutive week of net inflows, adding $244.9 million. BlackRock accounted for more than 80% of the combined $1.1 billion in inflows across the two products. Wintermute said those inflows came despite relatively muted trading volumes, a pattern more consistent with institutions allocating on schedule than with aggressive momentum buying. In its view, that also reverses the narrative from the past two weeks that capital was rotating out of Bitcoin, with ETF demand now being met by supply elsewhere. On the institutional front, Wells Fargo said it will launch a tokenized deposits business this fall, starting with the U.S. dollar-British pound corridor on its own chain, joining JPMorgan and Citigroup in moving settlement rails onto blockchain-based infrastructure. In Washington, the U.S. Senate majority leader filed cloture 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 ETF improvement is encouraging but still preliminary: one strong week is not enough to confirm a structural turn, especially after the broader risk-asset complex was repriced by a single 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 undermine the core logic supporting the current rally. The firm flagged Aug. 12 CPI, Aug. 13 PPI (Producer Price Index), Aug. 14 retail sales, the Aug. 27-29 Jackson Hole conference, and the Sept. 15 CLARITY Act cloture vote as near-term catalysts. It said caution remains warranted until ETF inflows and digital-asset treasury activity prove durable through the rest of the summer, even as markets increasingly trade on institutional terms.