ETF flows

The spot Bitcoin and Ethereum ETFs publish, every trading day, how much money was created into them and how much was redeemed out. The difference — the net flow — is the clearest single measure there is of how much regulated capital moved into or out of the asset that day.

Every figure here describes money that has already moved. Nothing on this page is a forecast, and nothing on it is a recommendation to buy or sell anything.

Where these numbers come from

This is the one page in Market Data whose figures are not read from a live feed. They are entered by an operator from the funds' own published daily files, and the page is explicit about it: the response names its source and the settlement day it describes, and the page prints that day above the chart.

That has one consequence worth knowing. Every other page here goes stale when a feed stops answering; this one goes stale when nobody imports the file. So the page is dated by the settlement day itself rather than by a refresh clock, and once the newest recorded session is more than a week old a banner says so. The figures stay on screen, clearly dated — a settled day does not stop being true because nothing newer arrived.

A session, not a day

ETFs settle on trading days. There is no session at a weekend, and none on a US market holiday.

Those days are absent, not zero. A zero says "the market was open and nothing was created"; an absent day says "there was no market". The chart draws sessions consecutively rather than leaving four days of blank axis in every week, which is the same thing a candlestick chart does and for the same reason.

This is why every window on this page is counted in sessions rather than in calendar days. "The last twenty sessions" is about four calendar weeks.

The four headline figures

• Net flow (1d) — creations less redemptions across every fund, on the most recent settled session.
• Cumulative (5d) and Cumulative (20d) — the same figure summed over the last five and the last twenty sessions.
• Total net assets — what the listed funds hold, in dollars, on that session.

A single green day inside a four-week outflow is noise, which is why the cumulative figures sit beside the daily one rather than below it.

The cumulative figures are computed, never stored

Both are summed from the recorded sessions each time the page is drawn. Nothing aggregated is kept, so a corrected import corrects every figure that quotes it — there is no stored total that can drift away from the days beneath it.

A window is either filled completely or it is not shown. Nineteen recorded sessions is not a twenty-session cumulative, and summing them under that label would read as a quiet month rather than as a short history. When that happens the card reads "—" and says why underneath: not enough sessions recorded yet.

Share of supply

Total net assets divided by the price, and then by the circulating supply: what share of all the coins in existence the funds between them hold.

The price and the supply come from the market feed, and from one reading of it, so the two halves of the division describe the same moment. If the total net assets figure is withheld, this one is too — a share computed from a partial total would publish, one division later, exactly the number the total declined to publish.

The fund breakdown

One row per currently listed fund: what it took on the session, what it holds, and its share of the total.

Three things about this table are worth stating plainly.

A fund that was not in the day's file reads "—", not zero. "Reported no creations" and "was not in the file" are different facts, and only the first one is a market reading.

Total net assets covers only the funds that reported it. The daily files do not always carry an assets column. When fewer than half the listed funds report one the total is withheld entirely rather than shown weakly, and when some but not all report it the footnote says how many — a total drawn from three of ten funds must never sit under the words "across all funds". When no fund reported one, the card says exactly that, and does not fall back to saying nothing was recorded: the flows underneath it were.

A retired fund leaves the table but not the history. When a fund closes it stops being listed, and the sessions it contributed to keep totalling correctly. On the rare day where both are true at once — a fund retired while it still had flow on the newest session — the rows in the table will not add up to the total above them, and a footnote says exactly how much came from a fund no longer listed. The alternative would be a table that quietly disagreed with its own total.

When a provider feed replaces the import

Nothing on this page changes. The figures would arrive from a licensed feed instead of from an operator, the response would name that source instead of the import, and every rule above — sessions not days, cumulative from the stored days, absent not zero, withheld not weakened — would apply unchanged.