When ETF Outflows Aren't Selling: The IBIT Premium Paradox

Something doesn’t add up in the iShares Bitcoin Trust (IBIT). For days now, the fund has printed steady net outflows. The reflexive headline writes itself: institutions are heading for the exits, and that’s bearish for Bitcoin. But the tape tells a stranger story, and once you look closely, the “institutions are leaving” narrative starts to fall apart.