BlackRock report Q1 earnings today. Pre-pandemic, you'd open the release looking for AUM growth and fee compression. This quarter the line that matters is buried in the appendix: IBIT. YTD inflows for the spot Bitcoin ETF crossed $1.5B. CalPERS put 1% of assets into BTC last quarter, ~$500M. Morgan Stanley launched MSBT last week at 14 bps, undercut BlackRock by 11 bps, pulled $30M on day one. Institutional adoption went from being a story you write about to a line item allocators have to defend. What I'm watching: IBIT redemptions through the war weeks, AUM after the CalPERS allocation flowed through, any Larry Fink language about treasury models for institutional clients. I've held $BTC for years, including the cycles where holding it felt lonely. The asset is moving from "speculative" to "a sleeve in a 60/40 with an allocator footnote." That's a slow rotation. Top ticks don't exist when pension funds are the marginal buyer. The fund flow data today will tell us if that bid kept paying through April. My guess is it did. We'll know by the close.