Bitwise's Bitcoin ETF, BITB, added 119.37 BTC for a $9.69 million computed flow last Friday, September 18. The movement is a second-day inflow after the fund's holdings remained unchanged on Thursday. The fund now holds 38,148.59 BTC, valued at $3.10 billion. This activity comes as BlackRock's iShares (IBIT) and Ethereum (ETHA) funds remain static since their first snapshot. Holdings data is sourced from Bitwise’s public pages and iShares’ latest holdings CSV.
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Friday's BITB Movement in Context
Friday's $9.69 million flow into BITB is modest within the spectrum of the fund's stored history. The largest single-day inflow in the stored tape was $237.90 million. Conversely, the print with the largest magnitude was an outflow of -$280.70 million, also held by BITB. Over its entire recorded history in this dataset, the sum of computed flows for BITB totals $2.56 billion. The fund's net coin accumulation from the first stored holdings row to the last is 396.01 BTC.
Bitwise Bitcoin Trust's Three Phases
The BITB tape shows three distinct phases, a XOOMAR reading of its performance: an accumulation from its initial stored rows towards a peak, a washout period marked by substantial outflows, and a recent recovery.
The accumulation phase culminated on 2026-09-09 with peak holdings of 38,354.79 BTC. This period was followed by a washout, highlighted by the largest-magnitude outflow of -$280.70 million. The recovery has since lifted the fund back to its current level, with the largest single-session positive inflow of $237.90 million also falling within the stored window.
| Date | Weekday | Holdings | Flow | AUM |
|---|---|---|---|---|
| 2026-09-11 | Friday | 38,192.00 BTC | -$12.60 million | $2.94 billion |
| 2026-09-14 | Monday | 38,192.00 BTC | $0.00 | $3.00 billion |
| 2026-09-15 | Tuesday | 38,029.22 BTC | -$12.36 million | $2.90 billion |
| 2026-09-16 | Wednesday | 38,029.22 BTC | $0.00 | $2.90 billion |
| 2026-09-17 | Thursday | 38,029.22 BTC | $0.00 | $3.09 billion |
| 2026-09-18 | Friday | 38,148.59 BTC | $9.69 million | $3.10 billion |
| BITB holdings and flow, last six stored sessions. |
ETHW’s Dormant Streak Ends
Bitwise’s Ethereum ETF, ETHW, also saw activity last Friday, breaking a significant streak of zero flows. ETHW added $1.32 million, bringing its holdings to 109,693.85 ETH with an AUM of $289.62 million. Prior to its $29.10 million inflow on Friday, September 11, the fund recorded 15 stored sessions with $0.00 flow as its longest dormant streak. That earlier inflow was followed by a sharp one-day outflow of -$34.39 million. Friday’s $1.32 million is only the second inflow after that washout, indicating a tentative resumption of activity.
Two iShares Snapshots Await Follow-up
Two titans from iShares by BlackRock have yet to generate a flow reading because they currently exist as single stored snapshots. Both funds held positions as of Friday, September 17:
- IBIT (Bitcoin): 785,023.81 BTC ($63.75 billion).
- ETHA (Ethereum): 3,510,369.71 ETH ($9.27 billion).
The scale differential between the iShares and Bitwise products is stark. IBIT’s Bitcoin holdings are 20.6 times larger than BITB’s. Similarly, ETHA’s Ethereum stash dwarfs ETHW’s by 32.0 times. Combined, the four funds in this dataset hold a significant position in their underlying assets: 823,172.40 BTC and 3,620,063.56 ETH.
Snapshot of latest holdings across tracked funds (four tickers only). A blank flow is a first snapshot, not a zero print.
| Ticker | Issuer | As-of Date | Holdings | Computed Flow | AUM |
|---|---|---|---|---|---|
| BITB | Bitwise | 2026-09-18 | 38,148.59 BTC | $9.69 million | $3.10 billion |
| ETHW | Bitwise | 2026-09-18 | 109,693.85 ETH | $1.32 million | $289.62 million |
| IBIT | iShares (BlackRock) | 2026-09-17 | 785,023.81 BTC | — | $63.75 billion |
| ETHA | iShares (BlackRock) | 2026-09-17 | 3,510,369.71 ETH | — | $9.27 billion |
How the Flow Number Is Made
this dataset's flow figure is computed from issuer disclosures. For BITB and ETHW, holdings come from embedded basket data on Bitwise’s fund pages. For IBIT and ETHA, holdings come from BlackRock’s latest-holdings.csv file. The computed flow is the change in a fund's coin holdings versus the previous stored row for that ticker, multiplied by the XOOMAR mark price for the asset at the time of data ingest. Asset Under Management (AUM) is simply the holdings multiplied by the same XOOMAR mark. If there is no previous row, as with a first holdings snapshot, a flow value is absent. Some unknowns remain, including the mix of creations and redemptions behind a holdings change.
Related Perpetual Market Prices
Coin prices for valuing ETF flows come from a separate Pulse dataset, the perpetual futures markets. The marks below are from the same time window as the ETF data, providing context on the asset valuations used in these calculations. No causation between ETF activity and these market prices is assumed. These are two separate tapes timestamped together.
BTC and ETH marks and funding. Same-time perpetual marks. Not caused by the ETF print.
| Asset | Exchange | Mark | Funding Rate | Open Interest Notional |
|---|---|---|---|---|
| BTC | okx | $81,212.10 | 0.00010000 | $2.52 billion |
| BTC | kraken | $81,218.19 | 0.00001340 | $173.15 million |
| BTC | hyperliquid | $81,270.00 | 0.00001250 | $3.46 billion |
| BTC | binance | $81,210.80 | 0.00010000 | not available |
| BTC | bybit | $81,201.90 | 0.00010000 | $4.66 billion |
| ETH | okx | $2,640.14 | 0.00010000 | $1.67 billion |
| ETH | hyperliquid | $2,642.20 | 0.00001250 | $2.95 billion |
| ETH | bybit | $2,640.18 | 0.00010000 | $2.32 billion |
Watchers Await Next BlackRock File
The most consequential next signal for Bitcoin ETF flows will be the second holdings file from BlackRock for its IBIT and ETHA funds. A second snapshot would unlock the first-ever computed daily flow for these funds, revealing the scale of activity entering or exiting the market’s largest spot Bitcoin ETF and its Ethereum counterpart. Their sheer size means any net flow, positive or negative, will likely dominate the headline figure for total sector movement.
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. 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.
