Bitwise ETF Loses $11.9M as IBIT Adds $161M

The Bitwise Bitcoin ETF reversed course Friday, posting a loss of 141.07 BTC, for a -$11.86 million computed flow. That move came a day after the fund, ticker BITB, reached its peak holdings in the Crypto ETF Flows dataset at 38,447.02 BTC on Thursday, September 24. It stood against another large inflow for the industry leader, the iShares Bitcoin Trust (IBIT), which added $161.42 million on Thursday. That reinforced the dominant scale of BlackRock's fund. These fresh prints highlight the divergent fortunes within the spot Bitcoin ETF flows landscape in the dataset's early window.

BITB Takes a Step Back

The shift for BITB followed its largest single-day inflow, $21.47 million, recorded on Monday, September 21. While indicative of changing sentiment, the fund's net accumulation from its first stored date in August remains positive. From Friday, August 21, to Friday, September 25, BITB's holdings climbed by 553.37 BTC. That gain contributed to an $11.06 million sum of all flows for the period. The path to that total, however, wasn't smooth.

A Three-Phase Path for BITB

BITB's activity points to three distinct phases. The first was a cumulative run-up. Through early September, its holdings increased steadily until they reached a temporary plateau around 38,170 BTC. This culminated in the peak holdings of 38,447.02 BTC on 2026-09-24.

The second phase was a washout, punctuated by the largest-magnitude flow in either direction, a $21.47 million movement that happened to be an inflow on September 21. That sharp move reset the short-term momentum.

The third and current phase, a recovery, is defined by the days after that large swing. Net flows turned modestly positive again before Friday's negative print. The increase to the peak on September 24 itself was a smaller inflow of $4.12 million. This multi-stage narrative illustrates a fund finding its footing after an initial volatile period, with the final phase's stability still being tested.

A Quiet Week Before the Drop

The last ten trading sessions show a fund that was fairly quiet before its recent negative move. On four days, the computed flow was zero, indicating no change in BTC holdings. This week's activity was bookended by a $9.69 million inflow on Friday, September 18, and the previously mentioned peak-day inflow, followed by the -$11.86 million outflow on the final day, September 25.

See the full series in the Crypto ETF Flows dataset.

ETHW Emerges From a Dry Spell

Over in the Ethereum ETF corner, Bitwise's offering, ETHW, posted a trivial flow of $0.72 on Friday, September 25. This negligible positive came at the end of a particularly stagnant period where it logged 3 sessions with $0.00 flow, its longest such streak in the dataset. That dry spell was directly preceded by a major -$34.39 million outflow on Tuesday, September 15. Since that washout, ETHW has seen modest inflows of $1.32 million and $4.32 million on September 18 and 21, respectively, before flatlining again. The fund's latest holdings stand at 111,266.86 ETH with an AUM of $299.24 million.

The Dominant Funds Hold the Scale

The size disparity among these funds is stark. BlackRock's IBIT holds 20.9 times the Bitcoin of BITB, with its 798,723.77 BTC dwarfing Bitwise's 38,305.95 BTC. Combined, the two funds represent 837,029.72 BTC between them. A similar, if slightly more pronounced, gap exists on the Ether side. BlackRock’s Ethereum ETF, ETHA, holds a commanding 32.8 times the Ether of ETHW, managing 3,654,578.62 ETH versus 111,266.86 ETH. Together, they account for 3,765,845.47 ETH in the dataset.

The scale reflects directly in asset under management. IBIT's $67.14 billion AUM is one of the larger single-fund totals tracked, while ETHA commands $9.83 billion. Bitwise's ETHW, by contrast, sits at $299.24 million. Once again, the established asset managers dominate the field by an enormous margin.

A Snapshot of Latest Holdings

Friday, September 25, and Thursday, September 24, put all five funds in view.

Perpetual Markets Provide Context

As ETF flows play out, perpetual futures markets show the corresponding spot marks and funding rates. These are separate, concurrent datasets. One shouldn't claim the ETF prints directly caused these funding levels. But the context is relevant. At the time of the data, Bitcoin marks hovered around $84,000 with largely negative funding rates across major venues like Kraken (-0.00000220), Binance (-0.00001100), and Bybit (-0.00003719). Ethereum, with marks around $2,688, showed predominantly positive funding, with Binance at 0.00004988 and Bybit at 0.00003625. The aggregate open interest for Bitcoin perpetuals across several of these exchanges was well over $10 billion, demonstrating the immense size of the derivatives market relative to even the largest spot ETF flows.

The dataset window ends with BITB taking a step back from its peak and IBIT continuing its formidable accumulation. No predictions about subsequent sessions can be made from this stored data. For the full series, see the Crypto ETF Flows dataset, or access the data via the ETF Flows API.

Funding Rates