BlockBeats News, August 11th - Wintermute released a report stating that the upcoming US CPI data to be released on Wednesday will be a key test of whether this round of rate repricing can be sustained. The cryptocurrency market has joined the ranks of the risk-on rebound. The US spot Bitcoin ETF has seen net inflows for five consecutive trading days, attracting a total of $853.5 million, marking its best weekly performance since mid-April; the Ethereum ETF has also seen net inflows for the fifth consecutive week, adding $244.9 million, with BlackRock accounting for over 80% of the total $1.1 billion inflow for both. These inflows occurred against a backdrop of relatively low trading volume, more consistent with planned institutional allocations rather than aggressive momentum buying. This has also reversed the narrative of the past two weeks of "capital rotation out of Bitcoin," as ETF demand is being matched by supply from elsewhere.

On the institutional front, Wells Fargo announced that it will launch a tokenized deposit business this autumn, starting with the dollar-pound corridor and operating on its proprietary chain, joining the ranks of JPMorgan Chase and Citigroup, bringing settlement onto the chain. Meanwhile, the US Senate Majority Leader submitted a motion to end the debate on the "CLARITY Act" in the early hours of Saturday, with a procedural vote scheduled for September 15th, requiring the support of at least seven non-Republican senators.

The improvement in ETF inflows is encouraging but still a preliminary signal. A strong performance in a single week is not yet sufficient to confirm a structural shift, as the entire risk asset sector has just repriced due to a single data point. If the CPI on Wednesday is higher than expected, pushing the probability of a rate hike in September back above 50%, it could quickly change the core logic supporting the current uptrend. Key upcoming catalysts include CPI on August 12th, PPI on the 13th, retail sales data on the 14th, the Jackson Hole meeting on August 27-29, and the final debate and vote on the "CLARITY Act" on September 15th. Until ETF inflows and digital asset treasury activity prove their sustainability throughout the rest of the summer, even as the market trades increasingly in institutional terms, caution is still advised.