I found it interesting that crypto ETPs absorbed $619 million in inflows last week while everyone was worried about the Iran situation and rising oil prices. I mean, normally when there is geopolitical stress, money flees risk assets, but it seems investors are still seeking regulated crypto exposure. Bitcoin funds were the strongest, with $521 million coming in, while Ethereum caught about $86 million. Solana also saw positive movement. XRP was the exception, with significant withdrawals. But what I found curious is that by the end of the week, sentiment changed. When oil accelerated and employment data was weak, fear spiked. They withdrew $829 million on Thursday and Friday alone. The crypto fear index dropped to eight, signaling panic. It seems crypto ETPs are still consolidating while macro uncertainty remains high. Demand for crypto ETPs continues, but it’s fragile when news turns bad.