BITB added no coins for second straight day

BITB added nothing for a second session on Wednesday, September 23. Its holdings remained at 38,398.18 BTC, with a computed flow of $0.00. Flow-based AUM settled at 3.21 billion dollars. The week wasn't completely quiet. BITB had reached its peak holdings in this tape just two sessions prior, on Monday, September 21. That peak of 38,398.18 BTC hasn't been exceeded since, but holdings have stayed at that level for three consecutive sessions.

That zero dollar print takes its place in the fund's history. The largest single-day inflow in the stored tape was 237.90 million dollars. The largest-magnitude move, an outflow, was a negative 280.70 million dollars.

BITB's Journey

Looking at the data, BITB's story in this window breaks into three parts.

First, an accumulation phase that built holdings to their peak of 38,398.18 BTC on September 21. Second, a washout period anchored by the largest-magnitude daily outflow of negative 280.70 million dollars, which remains the standout negative print in the data. Third, a recovery phase punctuated by its largest positive inflow of 237.90 million dollars.

The fund's recent history is a measured climb.

| Date | Weekday | Holdings | Flow | AUM | |---|---|---|---|---|---| | 2026-08-21 | Friday | 37,752.58 BTC | $9.20 million | $2.96 billion | | 2026-08-24 | Monday | 37,871.97 BTC | $3.00 million | $2.98 billion | | 2026-08-25 | Tuesday | 37,909.95 BTC | $3.00 million | $2.98 billion | | 2026-08-26 | Wednesday | 37,947.94 BTC | $6.00 million | $2.99 billion | | 2026-08-27 | Thursday | 38,023.91 BTC | $21.70 million | $3.05 billion | | 2026-08-28 | Friday | 38,295.25 BTC | -$49.70 million | $2.97 billion | | 2026-08-31 | Monday | 37,654.91 BTC | $4.30 million | $2.96 billion | | 2026-09-01 | Tuesday | 37,703.62 BTC | $8.40 million | $2.91 billion | | 2026-09-02 | Wednesday | 37,812.15 BTC | $4.20 million | $2.91 billion | | 2026-09-03 | Thursday | 37,866.41 BTC | $24.80 million | $3.07 billion | | 2026-09-04 | Friday | 38,170.30 BTC | $0.00 | $3.04 billion | | 2026-09-07 | Monday | 38,170.30 BTC | first snapshot, no flow | $3.02 billion | | 2026-09-08 | Tuesday | 38,170.30 BTC | $14.50 million | $3.00 billion | | 2026-09-09 | Wednesday | 38,354.79 BTC | $0.00 | $2.99 billion | | 2026-09-10 | Thursday | 38,192.00 BTC | -$12.60 million | $2.96 billion | | 2026-09-11 | Friday | 38,192.00 BTC | $0.00 | $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 | $3.30 billion | | 2026-09-21 | Monday | 38,398.18 BTC | $21.47 million | $3.31 billion | | 2026-09-22 | Tuesday | 38,398.18 BTC | $0.00 | $3.24 billion | | 2026-09-23 | Wednesday | 38,398.18 BTC | $0.00 | $3.21 billion | Chronological. Zero flow is a stored zero, not a missing row.

Stale Ether, Fresh Giants

Bitwise's Ethereum ETF (ETHW) also reported zero flow on Wednesday. Its tape shows a prolonged stretch of zero-flow sessions. The longest such streak in the stored data is 15 stored sessions with $0.00 flow. That quiet period ended with an inflow two weeks ago, followed by a major outflow of negative 34.39 million dollars on Tuesday, September 15. The fund's last two sessions have returned to zero flow.

For the iShares funds, a second holdings snapshot has appeared. Previously, IBIT and ETHA had only first snapshots. The new data shows flows. IBIT's holdings as of September 22 are 794,828.96 BTC with a flow of 342.29 million dollars. This makes it over 20 times the size of BITB. The combined Bitcoin backing BITB and IBIT in this dataset is now 833,227.15 BTC.

A similar story exists for Ethereum. ETHA's latest snapshot shows 3,625,616.52 ETH with a flow of 85.12 million dollars, a figure roughly 33 times larger than ETHW's holdings. The combined Ether behind the two funds is 3,736,883.38 ETH.

How Flow Works

Computed flow is not a direct measure of creations or redemptions. It's the change in an ETF's issuer-reported holdings versus the previous stored row, multiplied by the XOOMAR mark for that asset at the time of ingest. AUM is similarly derived from holdings times the mark. These flows reflect the net result of investor activity, priced at a specific snapshot.

Price Context

Separate, same-time marks from perpetual futures exchanges provide price context for the assets. There is no causal link between ETF flows and these prices or funding rates.

| Asset | Exchange | Mark | Funding rate | Open interest notional | |---|---|---|---|---|---| | BTC | binance | $83,507.45 | 0.00000618 | not available | | BTC | bybit | $83,515.60 | -0.00002790 | $5.04 billion | | BTC | okx | $83,508.80 | 0.00000891 | $2.47 billion | | BTC | kraken | $83,531.81 | 0.00001028 | $183.16 million | | BTC | hyperliquid | $83,520.00 | 0.00001250 | $3.16 billion | | BTC | bitmex | $76,095.46 | 0.00010000 | $0.00 | | ETH | bitmex | $2,416.87 | 0.00010000 | $0.00 | | ETH | binance | $2,647.43 | 0.00006667 | not available | | ETH | bybit | $2,647.35 | -0.00001911 | $2.15 billion | | ETH | okx | $2,647.42 | -0.00000377 | $1.64 billion | | ETH | kraken | $2,647.95 | 0.00000697 | $72.66 million | | ETH | hyperliquid | $2,648.30 | 0.00001250 | $2.83 billion | Same-time perpetual marks. Not caused by the ETF print.

The addition of new data for IBIT and ETHA unlocks their first true daily flows. Their scale now becomes a regular point of comparison alongside the daily prints for BITB and ETHW. For more on the data, see the Crypto ETF Flows hub or the ETF Flows API.

Funding Rates