This pump is mainly driven by ETFs, with the bears just adding some fuel to the fire. Based on my research and the history of ETFs, I’ve noticed an interesting pattern: The cycle from ETF accumulation to selling is roughly 3-6 months. The minimum is 3 months before they start selling and locking in profits. The ETF inflows that started in July are just the beginning. Buying will likely continue at least until September, after which large-scale selling might begin.