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ETF FLOWS ARE COOLING. PRICE STILL HOLDS. On Sept. 22, spot ETF flows remained positive: $BTC +$104.54M → $56.26B cumulative $ETH +$37.70M → $13.56B cumulative But inflows slowed sharply from the previous session. Prices remain near recent highs: $BTC at $86.49K and $ETH at $2.76K, just below $87.40K and $2.81K. That’s the key: ETF buying is slowing, but price structure hasn’t broken. So what demand is absorbing supply? If ETFs aren’t the main engine, who is keeping $BTC and $ETH this high?