FBTC BLEEDS $43M WHILE IBIT SWALLOWS $90M — THE WRAPPER CLASS SORTS ITSELF ON FED-HANGOVER DAY.

One wrapper class isn’t a monopoly — the dispersion is the tell. On Fed-hangover day IBIT absorbed roughly $90M in fresh flow while FBTC bled $43M in outflow. The wrapper class is sorting itself, and the treasury flow reveals its own fiduciary preference between issuer discipline signals. The Cap-structure read: fiduciary capital picks a shelf. When the shelves diverge, the wrapper trade widens. This isn’t retail chop — this is the allocator layer expressing a preference on issuer discipline in real time. Watch the multi-day cadence: if FBTC bleeds again into Friday, it’s a repricing, not noise. IBIT’s pull is the cap-structure story that keeps writing itself.