Institutional balance-sheet flows have completed a full reset over recent months. Following heavy outflows across spot ETFs, corporates, and sovereigns, netflows have now stabilized, signaling sell-side exhaustion from long-term structural holders.

Spot ETFs are leading the turn, moving back into positive net inflows and reclaiming their role as the primary marginal buyer. Historically, ETF inflows have accompanied every expansion phase, and their return suggests real-money allocators are rebuilding exposure, not just trading volatility.#WeekendMarketAnalysis