Sygnum Bank Chief Investment Officer Fabian Dori argues that daily Bitcoin ETF flow tracking misses the structural shift happening underneath.
The Swiss digital asset bank’s top investment officer said the real story is not whether funds move in or out on a given day. Instead, it is that pensions, endowments, sovereign funds, and insurers now treat BTC as a standard portfolio component.
Wall Street Builds Bitcoin Plumbing
Dori pointed to three recent developments as evidence. First, JPMorgan’s research desk projected institutional Bitcoin ETF inflows could reach $15 billion in a conservative scenario and $40 billion in a constructive one for 2026.
That projection sits on top of the $56.6 billion the spot Bitcoin ETF complex absorbed in 2025.
Second, JPMorgan has begun issuing structured notes linked to BlackRock’s iShares Bitcoin Trust ETF (IBIT). Dori described this as infrastructure, not a trade idea, calling it “plumbing” that signals permanent integration.
Third, Morgan Stanley Investment Management launched MSBT, its own spot Bitcoin ETF, recording roughly $34 million in first-day trading volume. That figure placed the fund in the top 1% of recent ETF debuts.
Rebalancing Mechanics Distort the Signal
Dori argued that much of what appears as ETF selling is actually portfolio rebalancing. When BTC rallies, a 2% allocation grows to 4%, and disciplined allocators trim.
Those sales register as outflows on daily trackers but reflect normal portfolio management.
He cited IBIT’s record $2.7 billion outflow streak in December 2025 as an example. Four months later, with BTC down roughly 30% year to date, the same fund pulled in another $1.5 billion in net inflows.
The price fell, but the money kept arriving.
“The spot Bitcoin ETF did not create demand. It removed an excuse,” noted Dori, Chief Investment Officer at Sygnum Bank.
Other Firms Share the View
Sygnum’s thesis is not isolated. Fidelity Digital Assets published research in March arguing that the question has shifted from whether to hold BTC to justifying a zero allocation.
Morgan Stanley’s investment management arm published an analysis on April 8 recommending modest crypto allocations with regular rebalancing.
21Shares released a report the same day advocating a 3% BTC allocation to harvest what it calls “volatility alpha” through systematic rebalancing.
Dori suggested that by the end of the decade, asking a serious allocator whether they hold BTC will seem as unusual as asking whether they hold bonds.
The more relevant question, he wrote, will be how much and why.
