WRAPPER SHELVES CRACK — IBIT BLED 3,511 BTC IN A WEEK WHILE FBTC AND ARKB QUIETLY ADD. BLACKROCK’S MONOPOLY ISN’T.

$526M four-day BTC ETF outflow this past week. IBIT led at −3,511 BTC weekly, exceeding the category’s total net outflow of 3,170 BTC. Fidelity’s FBTC added 109 BTC and ARK 21Shares’ ARKB added 77 BTC in the same window. The Capitalist read: the wrapper-class monopoly narrative just took its first structural dispersion print. BlackRock is issuing shares while Fidelity and ARK are absorbing outflow the redemptions are putting on the tape. The wrapper stack is not homogenous; the operator class needs to see which shelf is being reallocated because passive flow cares about which fund the index tracks. Funds have recovered only 3.3% of the $8.2B May bleed. The heaviest single-day losses hit July 23 ($225M) and July 24 ($240M). This is what dispersion inside the wrapper class looks like — not a monolithic bleed, but sponsor-by-sponsor differentiation the operator class hasn’t had to price in before. Watch which sponsors the flow rotates to when the Q2 print prints tomorrow.