The US spot bitcoin ETFs took in $714.7 million on Tuesday, their fourth straight day of buying. On Monday they took in $999 million, the most on any day in our records, which start in April.

BlackRock's IBIT took $350.3 million on Tuesday and Fidelity's fund $257.4 million, and again no fund had money go out. Ether funds took in $162.2 million on Tuesday.

Bitcoin fell anyway. It's $84,349 this morning, down 2.3% in a day. Ether is down 2.6% to $2,685 and Solana 3% to $115.09.

Nobody has put a single cause on the drop, and we won't pretend to have one. What we can see is the bond market. On Wednesday investors sold US government bonds hard.

The yield on the ten-year US government bond rose almost 0.15 percentage points to 5.113%, its highest since 2007. Fed governor Michael Barr said he expects more rate rises.

CME Group's FedWatch tool, which reads rate odds from futures prices, put the chance of another rise in October near 70%. FedWatch showed 55% the day before.

The Fed raised rates on 16 September for the first time since 2023. When a government bond pays 5.1% with almost no risk, fewer people need to take a chance on bitcoin to earn a return. US stocks fell on Wednesday too, the S&P 500 by 0.8%.

So the funds are buying and the price is still going down. We think that tells you the fund money is real, and that it isn't big enough on its own to carry bitcoin while rates are rising.

If you own bitcoin, watch the ten-year yield as closely as the fund numbers. Wednesday's fund figures come out tonight, and we'll have them tomorrow.

The US government is considering a push to get people outside America using dollar stablecoins, Bloomberg reported on Wednesday. People familiar with the plan said the Treasury, the State Department and the US International Development Finance Corporation could back stablecoin projects through joint ventures with private companies.

Officials want to keep the dollar as the world's main reserve currency and find more buyers for US government debt, according to the report. Stablecoin issuers hold most of their reserves in short-term Treasury bills, so every dollar of stablecoins bought abroad is lent, through the issuer, to the US government.

The report came on the day the ten-year yield hit its highest since 2007. Nothing has been decided.

If you hold USDC or USDT, you already do what the plan wants millions more people to do. You lend to the US Treasury, and the issuer keeps the interest.

Bitwise, the crypto fund manager, sat down earlier this year with senior investment staff at 15 of the world's largest institutions. They ranged from pension funds and endowments to hedge funds and sovereign wealth funds. It's the firm's first survey of this kind, and it published the results on Wednesday.

Crypto prices fell by more than half between October 2025 and April 2026. Not one of the 15 planned to cut its crypto holdings, Bitwise's chief investment officer Matt Hougan wrote.

The report names nobody, because the institutions asked it not to. It covers what they think of the spot ETFs, Solana against Ethereum, and bitcoin against gold.

Bitwise sells crypto funds to exactly these people, so read it with that in mind. It's still a rare look at the buyers behind the ETF numbers, and they say they're staying through a fall.