BITB Holds 38,398.18 BTC After Washout, Recovery Flows

Bitwise's Bitcoin ETF (BITB) recorded no change in coin holdings on September 22, finishing the session with 38,398.18 BTC. This volume matched the fund's peak in this stored window, established just a day earlier, following a volatile run that included the largest outflow on its tape. The event highlights the choppy path of spot ETF flows, a dynamic not yet visible for BlackRock's new entrants IBIT and ETHA, whose first holdings snapshots remain frozen in time. More data is available on the Xoomar Crypto ETF Flows page and via its API.

BITB Tapes: Accumulation, Washout, and Recovery

BITB's journey across the stored sessions shows three distinct regimes. It began with a long accumulation phase, building toward its peak holdings of 38,398.18 BTC on Monday, September 21. That climb was violently interrupted by a sharp washout. This phase was punctuated by the largest-magnitude flow in the entire tape: a -$280.70 million outflow on November 25, 2024. A recovery phase followed, marked by several large inflows, though the tape's largest single positive flow occurred much earlier.

Aggregated across all stored sessions, the computed net flows into BITB total $2.58 billion. The net change in the fund's holdings from its first stored row to the last is a gain of 645.61 BTC.

Full table available in the data series. A blank flow is a first snapshot, not a zero print.

ETHW's Long Dormancy, Then Two Inflows

Bitwise's Ether fund, ETHW, tells a story of extended dormancy followed by a sudden, concentrated intake. The tape shows a long streak of inactivity, with 15 consecutive stored sessions where the computed flow registered at exactly $0.00. That prolonged period of zero flows was broken by two significant upticks in the later part of the data. On September 11, ETHW took in $29.10 million, followed by another $4.32 million on September 21, bringing its latest holdings to 111,266.86 ETH.

The fund's history is marked by dramatic swings, from a massive $204 million inflow on its apparent launch day to periods of heavy redemptions. This recent activity breaks a long quiet spell.

BlackRock's Frozen Giants

The latest holdings data from September 21 reveals the staggering opening scale of BlackRock's iShares funds, though their flow stories have yet to begin. IBIT's first snapshot shows 790,775.59 BTC. That's 20.6 times larger than BITB's peak. ETHA's debut is even more outsized relative to its Bitwise counterpart, with 3,593,637.48 ETH, which is 32.3 times the size of ETHW's holdings.

Since these are initial snapshots, no daily flow is stored. They represent a powerful, static baseline. Combined, the two Bitcoin ETFs in this dataset, BITB and IBIT, hold 829,173.77 BTC. The two Ether funds, ETHW and ETHA, together hold 3,704,904.33 ETH.

This scale differential sets up a crucial narrative. The market impact of any future flow from the BlackRock funds will be magnified by their sheer size.

Behind the Numbers: How Flow is Calculated

These flow figures are a Xoomar computation, not a direct issuer report. For each ticker, holdings are taken from the issuer's latest public files. The computed flow is the change in the number of coins held versus the previous stored row, multiplied by the Xoomar mark price for the asset at the moment of data ingest. Assets under management (AUM) is simply holdings multiplied by that same mark. A first snapshot has no prior row for comparison, so flow remains blank. The methodology shows the net dollar effect of the change in coins held. It does not distinguish between creations, redemptions, or pricing artifacts.

Bitcoin and Ether Prices at the Time

When these ETF holdings were captured for the September 21-22 period, Bitcoin and Ether were trading at perpetual marks across major exchanges. These marks provide the pricing context for the AUM and flow calculations, but they're not caused by the ETF activity.

What's Left to Unlock

The current picture is split between dynamic histories and frozen moments. For BITB and ETHW, we have a detailed, turbulent tape of flows across hundreds of sessions. For IBIT and ETHA, we have only a monumental starting point dated 2026-08-17. The next actionable data point for the Bitcoin ETF flows narrative will be a second holdings file for either of BlackRock's funds.

That update would unlock the first computed daily flow, revealing whether the giants are accumulating, shedding, or holding steady. It would allow for a true, combined market analysis, showing how the massive scale of iShares interacts with daily volatility. Until then, the story is one of a completed recovery for Bitwise and pure anticipation for iShares. The next move from the giants will define the market.

Funding Rates