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Bitcoin is holding above $64,500 in a tight range while spot ETFs just posted their strongest weekly inflows since April. U.S. $BTC ETFs absorbed roughly $853M last week, with $ETH products adding meaningful sums for a combined $1.1B. BlackRock’s IBIT took the bulk. Prices have barely moved, volume remains thin, derivatives activity has contracted sharply, and the Fear & Greed Index remains in fear territory. The market is being supported by steady institutional demand rather than retail leverage or broad risk appetite. The CLARITY Act’s procedural vote delay removes a near-term regulatory catalyst, leaving $XRP and other assets more exposed to uncertainty. $SOL funding rates have climbed as traders defend higher levels, while $ADA has shown relative strength. Stablecoin supply remains near $300B, providing dry powder without aggressive deployment across altcoins. Liquidity remains concentrated in $BTC and $ETH, while $BNB, $HYPE and $ONDO see selective interest. The structure favors patient capital, but thin volume and regulatory uncertainty create two-sided risk. Does concentration in $BTC and $ETH signal healthier maturity, or limited conviction beyond the majors?