U.S. spot Bitcoin ETFs logged $1.61 billion in net inflows across four sessions through August 20, according to Farside Investors. Bitcoin was trading around $77,821 on August 21, up 7.2% over 24 hours. The reopening of TIPS maturing in 2056 allowed Treasury to offer a 2.973% real yield, 50 basis points above the original February issuance, providing investors with an inflation-linked risk-free alternative. The next durability test arrives August 25-27 with $183 billion in two-, five- and seven-year U.S. Treasury note auctions. If ETF flows remain firm through these auctions while the long real yield holds near 2.97%, the regulated demand channel will have absorbed this fresh Treasury supply window, but fading flows would indicate the rally is more exposed to bond-market competition than the four-day inflow total suggests.
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