Capital pipeline in bullish mode ETF capital pipeline has entered the 'inertia inflow' phase. A net inflow of $1.3B was recorded in March. Even after deducting GBTC's $620M outflow, other ETFs (IBIT, FBTC, etc.) are still seeing substantial net buying. This indicates that institutional allocation demand remains resilient and is not driven by short-term events. The stablecoin reservoir remains at a historical high of $320B+, providing ample liquidity reserves within the crypto ecosystem.