BITB Gains $4.1M Flow; IBIT Adds $166M to Lead Five-Field Oppo

Bitwise's BITB Bitcoin ETF added 48.83 BTC on Thursday, September 24, registering a $4.12 million inflow that was the fund's only positive move among the three active Bitcoin trackers in the latest data window. The session's standout characterized a week where Bitcoin ETF flows leaned toward the established leaders. IBIT, the iShares Bitcoin Trust, held its dominant position with a separate $165.66 million daily haul, while ARKB and the primary Ethereum fund ETHA held steady. XOOMAR's reading of issuer data, sourced from Bitwise and iShares, shows these five funds on diverging paths.

Thursday's Biggest Gainer

On Thursday, September 24, the only positive Bitcoin ETF flow among the ARKB, BITB, and IBIT trio belonged to BITB. Its $4.12 million inflow materialized as ARKB showed zero flow and IBIT's data hadn't yet updated past Wednesday. This positive print for Bitwise's fund was its third-largest net addition in this series, behind a $21.47 million inflow on Monday, September 21 and a $9.69 million inflow on Friday, September 18. In terms of absolute magnitude, Thursday's flow wasn't the biggest in its series. That title belongs to the $21.47 million inflow from September 21.

BITB's Three-Act Story

Since its first appearance in this dataset on Friday, August 21, BITB's holdings have told a three-part story. The first act was a steady accumulation phase, building holdings from 37,752.58 BTC to a peak of 38,447.02 BTC by September 24. The second act was a sharp washout centered around a $12.36 million withdrawal on Tuesday, September 15. The third act is a recovery, with net inflows resuming on September 18 and continuing through the 24th. Across the entire period, the fund's net holdings grew by 694.44 BTC, netting a total flow sum of $22.92 million.

The fund's recent ten-session tape illustrates the transition from stagnation to positive momentum.

You can review the full BITB series for the complete picture. After that mid-September outflow, BITB managed to put together two significant inflow days. It closes the window at its highest level of holdings yet.

IBIT's Commanding Lead

While BITB posted the session's only positive move, iShares' IBIT continues to operate on a different scale. With holdings of 796,799.02 BTC as of Wednesday, September 23, IBIT's pile is 20.7 times larger than BITB's 38,447.02 BTC. Its single-day inflow of $165.66 million on that date was more than double the combined net flows of BITB and ARKB across the entire recorded window for those two funds. Combined, IBIT and BITB hold 835,246.04 BTC between them. That's a figure that shows just how concentrated assets are in the largest fund.

Ethereum's Status Quo

The story for spot Ethereum ETFs in this data is one of stasis for the leader and silence for the challenger. iShares' ETHA held 3,644,622.94 ETH with a $51.23 million inflow as of Tuesday, September 23. Bitwise's competing ETHW fund, however, showed $0.00 flow on Thursday, September 24. The scale difference is stark: ETHA's holdings are 32.8 times larger than ETHW's 111,266.86 ETH. Together, the two funds hold 3,755,889.79 ETH.

ETHW’s Rocky Start

Bitwise's Ethereum fund, ETHW, has shown a number of zero flows in the data. Following its initial appearance on Friday, August 21, the fund saw several sessions with no computed flow. It then recorded a single-day outflow of -$34.39 million on Tuesday, September 15. That event was followed by the longest streak of zero-flow sessions in the series, lasting 3 sessions. Since then, ETHW has posted two modest inflows: $1.32 million on Friday, September 18 and $4.32 million on Monday, September 21. The fund then returned to zero-flow sessions for the final three days of the window, ending on September 24. The data doesn't point to a clear upward trend yet.

Baseline Holdings for ARKB, ETHA, IBIT

For the three funds that didn't update on the final Thursday in the window, here are their latest standing figures. This dataset covers only ARKB, BITB, ETHA, ETHW and IBIT.

Related Perpetual Markets

Spot ETF flows and perpetual futures markets trade in separate venues. Don't mistake ETF flow data for a direct cause of funding rates. They live in different datasets, read at the same time just for context. The table below shows concurrent BTC and ETH perpetual marks and funding rates, which provide context for the asset values underpinning the ETFs' AUM.

You can explore this related dataset on Funding Rates.

Where This Tape Ends

This snapshot of Bitcoin ETF flows closes with BITB at a series peak and the larger IBIT fund maintaining its overwhelming scale advantage from the prior session. The next trading session isn't in this data window, so no forecast for its activity is shown.

ETF Flows API