The US spot bitcoin funds took in $2.39 billion in the calendar week to Friday 25 September. We keep a daily record of those flows going back to April, and no other week in it is as big. The next biggest was the week of 17 August, at $1.92 billion.

Almost $1 billion of it came on Monday the 21st, the day bitcoin closed at $86,662, its highest close since January. The funds bought on each of the next four days as well: $714.7 million on Tuesday, $346.9 million on Wednesday, $190.7 million on Thursday and $134.5 million on Friday.

Bitcoin closed lower on every one of those four days. It ended Friday at $84,025 and closed yesterday at $83,547, 3.6% below the Monday before. The ether funds took in $689.8 million in the calendar week to 25 September, and ether closed yesterday 3.4% lower than a week earlier.

The week of 17 August is the useful comparison. In the calendar week to 21 August the funds took in $1.92 billion, and bitcoin rose 25% from the Friday before it to the Friday it ended, from $62,829 to $78,495. Last week they took in more, and bitcoin rose 3.6% from Friday to Friday, all of it on the Monday.

When money goes in and the price goes down, somebody sold more than the funds bought. How long this lasts depends on who that was.

On Friday we said bitcoin at $84,000 rested on the funds. They kept buying all week, and the price went lower anyway.

If you hold bitcoin at $83,000, the answer changes what you're holding. People taking a profit on coins they bought in the summer stop selling once they've taken it. Traders betting on a fall with borrowed money can be forced to buy back. A seller who is really answering a 5.24% Treasury yield keeps selling for as long as the yield stays there.

Last week's data lets us tell those three apart, at least partly, and each of them means something different for the June call.