Spot ETF investors are reportedly purchasing Bitcoin in the 96,000–110,000 and 116,000–126,000 ranges, while avoiding the 74,000–95,000 range, according to data from CryptoQuant. This behavior contrasts with typical retail investor patterns, which often involve buying at market peaks and selling at lows. The observed buying patterns raise questions about the 'smart money' label traditionally associated with institutional investors. Analysts emphasize the importance of distinguishing between price-driven flows and flow-driven prices, especially as the fear and greed index presents mixed signals. Additionally, altcoins are showing varied responses to ETF activity, indicating a complex market environment.