Bitcoin sits at $76,688 on May 1 with spot ETFs stitching five consecutive weeks of net inflows, $153M in the most recent week, $629M on May 1 alone. Cumulative inflows since the January 2024 cross-listings have reached $58.7 billion, total net assets in the wrappers $103.7 billion, BlackRock's IBIT alone holding 812,000 coins, roughly $62B, sixty-two percent of the entire ETF stack.

The spot tape has spent the quarter telling one story and the asset-gathering tape has been telling another. Price sits twenty percent under the October ATH while institutional money keeps stacking through the SEC-blessed pipe that did not exist three years ago. 75% of institutional investors and 71% of retail now rate the asset undervalued. They act accordingly the moment a clean wrapper exists for them to act through.

What changed in 2024 was distributability. A custody-and-creation mechanism the regulator pre-cleared converted a portfolio risk problem into a ticker on the same screen as Apple. Capital that could not touch the asset before now touches it on a quarterly mark-to-market schedule and reports it as a line item to a board with no need to understand keys, addresses, or settlement finality to sign off. The pipe is built and the float is rotating into hands that hold by mandate, not by conviction.