Four consecutive sessions of U.S. spot Bitcoin ETF inflows brought in $1.61 billion from Aug. 17 through Aug. 20, according to Farside Investors, while Bitcoin traded near $77,821 on Aug. 21, up 7.2% over 24 hours. Daily net inflows were $297.5 million on Aug. 17, $189.3 million on Aug. 18, $517.2 million on Aug. 19 and $606.3 million on Aug. 20, when BlackRock's IBIT supplied $503 million. The sequence indicates renewed demand through a regulated investment channel, although end-of-day ETF data does not show the precise timing, venue or price of the underlying Bitcoin purchases. The inflows emerged as the Treasury offered a competing benchmark: a reopening of February 2056 TIPS (inflation-linked Treasury securities) cleared on Aug. 20 at a 2.973% real yield, 50 basis points above its 2.473% original-issue yield in February. Demand remained firm, with the bid-to-cover ratio improving to 2.82 from 2.75 and indirect bidders receiving 84.4% of accepted competitive awards. The next test comes with $69 billion of two-year notes on Aug. 25, $70 billion of five-year notes on Aug. 26 and $44 billion of seven-year notes on Aug. 27, all settling Aug. 31. If Bitcoin and ETF inflows hold while the long real yield remains near 2.97%, the regulated demand channel may have absorbed a new Treasury supply window. If flows fade or Bitcoin reverses, the rally could appear more vulnerable to bond-market competition.