IBIT

A single-day outflow of 0.18 percent of total assets is not a crisis signal. It is a measurement of how deep the institutional base has become.

The wrapper is sticky, the marginal flow is not, and the difference matters for anyone using Bitcoin as collateral.

When the most sophisticated ETF liquidity provider in the world separates Bitcoin and Ether into two distinct positions, the era of monolithic crypto allocation is ending.