Spot Bitcoin and Ether ETF Flows — Daily Net Flows by Issuer

What this page shows

Spot ETFs hold the coin itself rather than a futures contract on it. When money comes in, the fund issues new shares and buys coins on the market; when money leaves, shares are redeemed and coins are sold. The net flow is exactly that difference between creations and redemptions over one US trading session, in dollars: a plus means the funds bought more than they sold. Spot BTC ETFs have traded since 11 January 2024, ETH ETFs since 23 July 2024.

How to read the numbers

  • Day — the last closed trading session. There are no sessions on weekends and US holidays, so the series has gaps: that is an absence of trading, not a zero flow.
  • Week and month — the sum of the last five and twenty one sessions. Counting sessions rather than calendar days keeps a holiday week from looking weaker than a normal one.
  • Total raised — the cumulative flow since the first day of trading. This is the figure that shows how much money the funds have brought to the market overall.
  • By issuer — each fund contribution: for the day, for the selected period and cumulatively. The share is measured against total inflows, so funds that lost money over their whole history show a dash instead. The fee is shown where the source publishes it — currently that is the ether funds. Grayscale (GBTC, ETHE) has a historically negative flow: those funds existed before the ETF approval, and money left them after the conversion.

Flow versus newly mined coins

A separate block converts the daily flow into bitcoins at the closing price and compares it with network issuance. After the halving of 20 April 2024 the block reward is 3.125 BTC, and at a target of 144 blocks a day the network issues about 450 BTC per day. A ratio above one means the funds took more coins off the market that day than miners produced. On the halving day itself the reward changes mid-day, so issuance for that day is blended by the share of the day before and after the switch.

Data and caveats

Daily flows come from Farside Investors; the price is taken from our own quote database. The data appears after the US session closes and may be revised by the issuers in the first hours. Flow is not a price forecast: large inflows also happen in a falling market, and the figure in coins depends on the price used to convert the dollars. This page is informational and is not individual investment advice.