Crypto ETF flows are sending a loud signal: institutions haven't dropped the risk-on playbook yet. Money floods in when the macro picture looks stable, then evaporates the moment uncertainty creeps in. That's exactly what happened – inflows flipped to outflows fast.

Here's the thing though. If we actually get rate cuts and the policy fog clears in 2026, this pattern could shift. Flows might finally settle down instead of whipsawing every time something unexpected hits the tape. Less panic, more patience. That's when you know institutions are treating crypto differently – less trade, more allocation.