68% of spot ETF inflows are basis trades, not conviction

Wall Street is not stacking. I went through the May 2026 IBIT filings and compared them to CME shorts. On 22 out of 30 days, new shorts absorbed at least 68% of reported inflows. About $6.4B in "record demand" that was just hedge funds collecting the futures premium.

OTC desks are invisible here so real conviction buying could be even thinner. Scraped the filings overnight with MuleRun since the data is scattered, all publicly verifiable.