Bitcoin ETF flows are now the dominant marginal buyer in the spot market. Cumulative net inflows since approval exceed $40B, but the daily flow has gone two-way for the first time — meaning the post-approval one-direction trade is over. Going forward BTC behaves more like a macro asset (rate-sensitive, dollar-correlated) and less like the supply-curve story crypto natives told for a decade. The long-tail volatility hasn't gone away; the directionality has changed.