The Bitwise Bitcoin ETF (BITB) added exactly 0.00 BTC on Thursday, September 17. That's a change of 0.00 coins and a computed flow of $0.00. In the context of its own long tape, this zero is a minor note. The fund's own history includes a massive positive inflow of $237.90 million and a severe washout of $280.70 million. The tape only covers BITB, BITW, IBIT, and ETHA. Pulse sources this data from Bitwise Bitcoin ETF holdings and iShares Bitcoin Trust holdings.
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Spot BTC & ETH ETF Flows & Holdings
The BITB Ledger
Thursday's static move didn't change the fund's holdings. At this point, a zero-coin day is just a breath in a very long session. The sum of all BITB flows across the entire recorded session history sits at $2.55 billion. The fund's holdings have changed by 276.64 BTC from the first stored row to the latest.
Bitwise Regimes
The session tape for BITB reveals three distinct phases. First, a long accumulation period that pushed holdings to their peak of 38,354.79 BTC on September 9, 2026. Then, a dramatic washout phase marked by the single largest-magnitude outflow of $280.70 million. The final phase is a recovery, punctuated by the largest positive inflow of $237.90 million, culminating in the current holdings. The full session log carries the details.
| Date | Holdings | Flow | AUM |
|---|---|---|---|
| 2024-01-11 | not available | $237.90 million | not available |
| 2024-01-12 | not available | $17.40 million | not available |
| 2024-01-15 | not available | $8.00 million | not available |
| 2024-01-16 | not available | $50.20 million | not available |
| 2024-01-17 | not available | $68.20 million | not available |
| 2024-01-18 | not available | $20.10 million | not available |
| ... | ... | ... | ... |
| 2026-09-14 | 38,192.00 BTC | $0.00 | $3.00 billion |
| 2026-09-15 | 38,029.22 BTC | -$12.36 million | $2.90 billion |
| 2026-09-16 | 38,029.22 BTC | $0.00 | $2.90 billion |
| 2026-09-17 | 38,029.22 BTC | $0.00 | $2.97 billion |
Zero flow is a stored zero, not a missing row.
Ethereum ETF Standstill
Bitwise's Ethereum ETF (ETHW) is also showing a stalled trend. Its holdings on Thursday were 109,193.35 ETH with $0.00 flow. This zero-flow print is part of a longer pattern. The stored session tape reveals a period where ETHW logged 15 consecutive stored sessions with exactly $0.00 flow. That streak was finally broken by two inflows of $29.10 million and negative $34.39 million in the most recent sessions.
| Date | Holdings | Flow |
|---|---|---|
| ... | ... | ... |
| 2026-09-11 | 123,493.83 ETH | $29.10 million |
| 2026-09-14 | 123,493.83 ETH | $0.00 |
| 2026-09-15 | 109,193.35 ETH | -$34.39 million |
| 2026-09-16 | 109,193.35 ETH | $0.00 |
| 2026-09-17 | 109,193.35 ETH | $0.00 |
Giant First Snapshots
The iShares funds present a different picture. They are in the dataset, but for them, the flow story hasn't truly started. They have holdings and computed flows in the latest table, but those flows represent the change from a null previous row to the first recorded number. The real daily flow mechanic for these funds remains unknown. The scale, however, is clear. BlackRock's IBIT holds 785,023.81 BTC. That's 20.6 times the holdings of BITB. On the Ethereum side, ETHA holds 3,527,868.68 ETH, which is 32.3 times the size of Bitwise's ETHW. Combined, the four funds account for significant totals.
Latest Holdings Snapshot
| Ticker | Issuer | As-of date | Holdings | Computed flow | AUM |
|---|---|---|---|---|---|
| BITB | Bitwise | 2026-09-17 | 38,029.22 BTC | $0.00 | $2.97 billion |
| IBIT | iShares (BlackRock) | 2026-09-17 | 785,023.81 BTC | $187.20 million | $61.22 billion |
| ETHW | Bitwise | 2026-09-17 | 109,193.35 ETH | $0.00 | $273.52 million |
| ETHA | iShares (BlackRock) | 2026-09-16 | 3,527,868.68 ETH | -$111.80 million | $8.83 billion |
A blank flow is a first snapshot, not a zero print.
Combined, BITB and IBIT represent 823,053.03 BTC. ETHW and ETHA hold 3,637,062.02 ETH.
How the Tape Is Made
Flow and AUM are computed, not provided directly by issuers. The method is simple. Holdings come from public issuer files, each with an as-of date. Computed flow is the change in holdings versus the previous stored row for that ticker, multiplied by the XOOMAR market price at the moment of ingest. AUM is holdings times that same mark. A missing flow value means it's a first snapshot, with no previous row for comparison. It does not mean the fund saw zero trading that day.
Related Markets
The Bitcoin and Ether marks used to compute ETF AUM are sourced from perpetual futures markets at the same time. The data is presented as context, not cause.
| Asset | Exchange | Mark | Funding rate | Open interest notional | |---|---|---|---|---|---| | BTC | hyperliquid | $78,004.00 | 0.00001250 | $2.96 billion | | BTC | kraken | $77,958.60 | 0.00001089 | $179.76 million | | BTC | binance | $77,981.90 | 0.00003740 | not available | | BTC | okx | $77,982.00 | 0.00007163 | $2.24 billion | | BTC | bybit | $77,984.61 | 0.00010000 | $4.42 billion | | ETH | kraken | $2,500.09 | 0.00002195 | $88.85 million | | ETH | binance | $2,501.60 | 0.00010000 | not available | | ETH | bybit | $2,500.97 | 0.00009244 | $2.02 billion | | ETH | hyperliquid | $2,502.30 | 0.00001250 | $2.60 billion | | ETH | okx | $2,501.14 | 0.00008468 | $1.59 billion |
Same-time perpetual marks. Not caused by the ETF print.
Awaiting the Second Page
The story of Bitcoin ETF flows is currently bifurcated. For BITB and ETHW, the tape runs long with all its ups, downs, and occasional zeros. You can see the whole journey. For IBIT and ETHA, the historical tape is effectively a single page. Their scale is known, but the narrative of daily inflows and outflows hasn't started yet. That requires a second holdings file. Until then, the core mechanic of this dataset for those funds remains a blank. Interested readers can track updates through the Crypto ETF Flows hub or directly via its ETF Flows API.
Primary Sources & Disclosures
Disclaimer: Content on XOOMAR is produced using AI-assisted research, drafting, and verification workflows and is intended for informational and educational purposes only. It does not constitute financial, investment, legal, tax, medical, or professional advice of any kind. All analysis reflects available information at the time of publication and may not be current. Verify information independently and consult qualified professionals before making decisions. Editorial policy
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XOOMAR is a capital markets software and data company in Selden, New York. Every brief on this site starts from a dataset the company collects itself from primary sources (CFTC, SEC EDGAR, FINRA, the Federal Reserve, exchange APIs) and names the numbers it is built on, with a link to the data page so you can check them. Briefs are reviewed before they go out and corrected in place when the data is revised.
