Spot BTC ETFs took $79 million net on July 16, IBIT led, and an eight-week outflow streak paused. The Fundamentalist read is deliberately unexcited: one strong day plus a multi-day follow-through is a pause in the streak, not a confirmed turn. The math YTD is still roughly negative $5.4 billion net, and the ETH products are still bleeding negative $28 million on the same day. The value is the counting, not the celebrating. Operators get flow-tape context for the read without a fragile-rebound headline being sold as a recovery. Count the streak. Do not sell the pause as a turn. The hardest money continues to trade on tape, not on ETF headlines.