Week 2 of 2026 in three numbers:

$1.1B — ETF outflows over Jan 6-8 (largest since Nov 2025)

5% — Bitcoin's drawdown while absorbing those flows

60% — BlackRock IBIT's maintained market share through volatility

Context: Traditional assets experience 10-15% drawdowns during $1B institutional redemptions.

Meanwhile:

→ Morgan Stanley filed Bitcoin + Solana ETFs (first major bank as issuer)

→ Senate Banking scheduled CLARITY Act markup (Jan 15)

→ Bitcoin consolidated $89-94K with stable derivatives positioning

→ Stablecoin reserves remained elevated ($30B+ at exchanges)

This wasn't retail capitulation. This was institutional rebalancing.

The difference? Retail panics on red candles. Institutions execute on calendar dates.

Flow concentration persisted even during outflows—capital rotates through the same dominant gateways regardless of direction.

The pattern: mature market structure where volatility is calendar-driven, not sentiment-driven.

Full breakdown covering:

• Flow mechanics and what mid-January will reveal

• Morgan Stanley's distribution advantage (15K+ advisors)

• Options positioning into Jan 30 expiry ($100K strike concentration)

• Comparative analysis vs traditional asset behavior

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