The money came back through one door and stayed out of the rest

Last week I left two questions on the table. One: was the single green ETF session on Jul 2 a blip, or the start of real demand coming back. Two: did the dovish macro turn become a policy path, which I said needed the dollar back under 100 and a follow-through at the next inflation print. This week answered the first cleanly and the second not at all.

The Read

• Cycle IQ 52.2 (Neutral) as of Jul 12, up 2.7 on the week. Crossed out of Accumulation into Neutral, with a mid-week wobble down to ~43.5 on Jul 8 before recovering.
• Altcoin IQ 30.9 (Accumulation) as of Jul 12, down 0.5. Basically flat, still pinned near the bottom of its range.
• Attention IQ 21.3 (Quiet) as of Jul 12, up 0.3. Ticked up to ~25 mid-week, then gave it back by Saturday.
• Verdict: demand returned through the Bitcoin ETF wrapper and only there. Breadth and the crowd stayed home. An improvement, but a narrow one.

The ETF flows turned. That's the real news.