Funds are flowing back into the crypto market, and this time, it’s not just retail investors. Glassnode’s latest capital flow data shows a noteworthy shift: Over the past few months, the capital flow for BTC, ETH, and stablecoins had turned deeply negative, signaling a phase of capital outflows and deleveraging in the market. But now, things are starting to reverse. BTC capital flow has turned positive again. ETH capital flow is picking up. USDT and USDC stablecoin inflows are also returning. What’s even more important is the second chart: Net flows for BTC ETFs have turned significantly positive again, and ETH ETF flows are also rebounding rapidly. This suggests that what we’re seeing now might not just be a price rebound, but On-chain capital + stablecoin liquidity + institutional ETF funds are improving simultaneously. The most painful phase of the last market cycle was when prices were dropping while capital continued to exit. Now, the situation is reversing: Price recovery → Capital inflows → ETF buying resumes → Market liquidity improves. A true bull market is never just about “prices going up.” It’s about whether— The money is really coming back. And the current data is telling us: The money is coming back. If these three capital flows continue to expand, this will be the signal I think is most worth watching in the days ahead.