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Bitcoin trades near $64,800 as U.S. equities print fresh records, yet spot Bitcoin ETFs have posted zero outflow days in August and absorbed more than $600 million in net inflows over the past three sessions. What happened is straightforward: institutional demand through ETFs continues to offset long-term holder selling of over 11,500 BTC early in the month. Ethereum has led the relative recovery, trading near $1,900, while Solana, XRP, BNB, and Chainlink remain range-bound. Layer-2 names such as Arbitrum and Optimism, along with DeFi tokens like Aave and Injective, show muted volume, and RWA-focused assets including Ondo have yet to attract meaningful rotation. This matters because the market is no longer driven by retail leverage or broad risk-on sentiment. ETF absorption is providing a measurable floor, but liquidity remains thin and the Fed’s recent hold left September policy uncertain. The opportunity is that sustained institutional flows could eventually force a break above $65,000 if selling pressure continues to be absorbed. The risk is that crypto stays decoupled from equity strength until a clearer regulatory or macro catalyst arrives, leaving altcoins vulnerable to further consolidation. Watch whether the current ETF bid proves durable enough to shift market structure, or simply delays the next test of lower support. Is this institutional support building a genuine base, or merely masking the absence of broader participation?