> ## Content Index > Fetch the complete content index at: https://research.glassnode.com/llms.txt > Use this file to discover other available public pages before exploring further. # Strategy Watch #8 - URL: https://research.glassnode.com/strategy-watch-08-2026/ - Published: 2026-09-24T15:59:54.000Z - Updated: 2026-09-24T15:59:54.000Z - Description: Our monthly analysis of strategy performance and capital flows in digital assets. We examine fund returns, structured product trends, and allocator shifts to reveal how institutional demand and exposure are evolving across crypto markets. - Author: Glassnode - Tags: #lightbox, Strategy Watch The full report is freely available in PDF format. [Download PDF version ](https://www.papermark.com/view/cmufo12xx006dl504hlojdqoy) # Welcome to Strategy Watch #8 Strategy Watch was built to address a clear demand for high-signal, impartial analysis of fund-level performance and allocation trends in digital assets. Our objective is simple: to make Strategy Watch a must-read monthly publication for the digital asset investment community. This publication is strengthened by direct input from market participants. Funds and allocators that contribute data and insights help shape a more complete and valuable view of the landscape. If you have insights, data, or allocation updates worth sharing, [we welcome your contribution](https://glassno.de/3NSYT7j). Present your latest initiatives and updates to a curated audience of institutional allocators. [Share updates ↗ ](https://glassno.de/3NSYT7j) --- # Inside the Latest Strategy Watch The report is structured across six core sections, each focused on a distinct dimension of institutional activity in digital assets: 01 **Institutional Flow Monitor** | Bitcoin, ether and stablecoins drew net inflows together in late August for the first time since November, spot ETFs did most of the buying, and bitcoin treasury companies turned net sellers. 02 **Fund and SMA Performance** | Directional strategies gained 17.28% on a three-day breakout and discretionary managers beat systematic ones, while market neutral strategies made 0.85% as the spot-futures carry trade failed to recover. 03 **Strategy Deep Dive: Two Systems, One Move** | Quim Allard of Iqana and Vicky Yang of Fountainhead Digital on how two systematic books read August: a trendless first half, a three-day breakout, and profit spreading across short-term ETH holders. 04 **On-chain Vault Performance** | USD curators just beat Treasuries in August while ETH vaults trailed staking again, and the number of tracked curators grew to 84, most of them small. 05 **Manager Monitor** | Average manager cash rose to 19.1%, the second highest reading on record, fundraising conversations stayed at a survey low, and Bitcoin jumped to second place for manager attention. 06 **Allocation Updates** | Spot ETF demand returned, Norway's wealth fund raised its indirect bitcoin holding to a record, the Clarity Act failed in the Senate, and Tether and Fasanara launched a $400M private credit fund. in partnership with ![CTA Image](https://insights.glassnode.com/content/images/2026/02/crypto-insights.png) The Premier Digital Assets Allocator Platform. [Learn more](https://glassno.de/4aGdDiB) --- # Institutional Flow Monitor - Bitcoin, ether and stablecoins all drew net inflows in late August, the first time the three turned positive together since November. Money left the market for most of August, and bitcoin's outflows were still heavy at mid-month. The last ten days reversed that. Bitcoin closed the month near $4.8B of net inflow, its strongest since December, and ether and stablecoins also turned positive. The inflows began only once the price broke, so buyers followed the move. Whether they hold through September will show if this demand lasts. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2026/09/SW-3_capital_flow.png) ## ETF & DAT Net Flows - Spot ETFs bought heavily in both assets through August, while companies holding bitcoin on their balance sheet turned net sellers. US spot ETFs did most of the buying. Their 30-day inflows reached 45.1K BTC by month end, the most since May, and 775K ETH, the most since September 2025\. Companies that hold crypto on their balance sheet moved the other way. Their 30-day bitcoin flow turned negative in mid-August and stayed there, the first net selling in this series. Ether treasury companies kept buying, but more slowly. Of these two buyers, only ETFs are adding bitcoin. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2026/09/SW-3_etf_dat_flows.png) ## DeFi TVL - The dollar value locked in Ethereum DeFi rose by a fifth in late August, moving in step with the ether price. Total value locked (TVL) is the dollar value of assets deposited in Ethereum lending and trading protocols. It was flat for three weeks, dipped in mid-August, then jumped with the price to close near $49B, the highest since April. Because TVL is counted in dollars, it rises when ether rises even if no one deposits more, and this jump came in the same three days as the price break. What the data does show is that depositors did not pull their money out as prices rose. September will show whether they stay. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2026/09/SW-3_defi_tvl.png) ## CME Basis Yield - Returns from buying spot and selling futures fell to a mid-August low, then recovered on the breakout, faster for ether. This measures what traders earn by buying spot and selling futures against it, summed over 30 days. It fell through the first half of August as funding rates, the fee that long futures traders pay short ones, went flat to negative, then rose quickly once the price broke. Bitcoin ended near $153M, its highest since January, and ether recovered faster. Higher futures premiums mean leveraged long positions returned with the rally. Because the measure covers 30 days, it lags, and much of the rise comes from a short burst of positive funding. ![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2026/09/SW-3_cme_basis_yield.png) [![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2026/03/Frame-1597880442--7-.png)](https://www.papermark.com/view/cmufo12xx006dl504hlojdqoy) [![](https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2026/03/Frame-137691615--3--1.png)](https://glassno.de/47ht1zL) --- *Disclaimer: This report does not provide any investment advice. All data is provided for information and educational purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions. Exchange balances presented are derived from Glassnode’s comprehensive database of address labels, which are amassed through both officially published exchange information and proprietary clustering algorithms. While we strive to ensure the utmost accuracy in representing exchange balances, it is important to note that these figures might not always encapsulate the entirety of an exchange’s reserves, particularly when exchanges refrain from disclosing their official addresses. We urge users to exercise caution and discretion when utilizing these metrics. Glassnode shall not be held responsible for any discrepancies or potential inaccuracies. Please* [*read our Transparency Notice*](https://docs.glassnode.com/further-information/exchange-data-transparency-notice) *when using exchange data.*