BLACKROCK TOOK IN $938 MILLION LAST WEEK — EVERY BITCOIN ETF PUT TOGETHER TOOK IN $924 MILLION — EVERYBODY ELSE, ADDED UP, WAS A LEAK

A shelf full of spot bitcoin funds launched so that nobody would have to use just one. Last week BlackRock’s IBIT took in $938.3 million. Every bitcoin ETF in the country, added together, took in $924.5 million. Read those two numbers again. One fund pulled in more than the whole category netted, which means everybody else combined was a drain. ARK lost $85.2 million. Grayscale’s old trust lost $77.6 million. Bitwise lost $16 million. The ones that gained — Grayscale’s mini trust at $81.9 million, Fidelity at $62 million, Morgan Stanley at $25.3 million — are rounding on the same page. The fee war is over, and it ended the way fee wars end: one distributor, and a lot of shelf space nobody walks down. Now look at what else is inside the $2.07 billion the headlines are running. Bitcoin took $924 million of it. Ether took $824 million. Solana, XRP and something called HYPE split $321 million. Bitcoin was 45% of a week being reported as bitcoin leading. And the nine-day run of inflows broke on Friday with $201.8 million walking back out. None of this is bad for the price. It is a fact about the door. If the point of eleven doors was that no single firm sets the terms, what you have now is one door with ten decorations around it.