BTC spot ETFs bled $6.5B over 4 consecutive months (Nov 2025 to Feb 2026), the longest drawdown since launch. March broke the streak, but it's still early in the month and the rebound is largely driven by IBIT. > During the same period, gold hit new ATHs while BTC dropped and the S&P 500 also softened. Not just a crypto problem, but a broad risk-off rotation across equities and digital assets? > Jane Street holds 20.3M IBIT shares as an authorized participant. During the outflow period, there was debate that APs hedging via futures instead of buying spot BTC structurally suppressed prices. If that hedging pressure was real, the March reversal could partly reflect those positions unwinding. The truth behind the "10AM Slam" rumor may never be known, but the structural question remains: how much of ETF inflow actually reaches the spot market?