Weekly snapshot:

• BTC ETFs: +$631.6M

• ETH ETFs: +$70.3M

ETF flows stayed constructive, continuing to channel institutional demand even as direct balance sheet expansion slowed.

Latest treasury moves:

• Strategy bought 535 BTC (~$43.0M)

Corporate accumulation outside Strategy remains subdued, with last week marking a breather after aggressive Q1 and April buying.

Structure remains unchanged: Strategy still dominates treasury activity, while ETFs provide a parallel route for capital deployment.