Daily net flows for US-listed BTC and ETH spot ETFs, by issuer. The institutional buy-side signal — when net flows go positive after sustained negative (or flip the other way), that's the institutional regime change happening in real time. Updated .
This is the spot-buy demand counterpart to the
Crypto Positioning Watch. CFTC TFF tells you what hedge funds and institutional managers are positioned in via futures; ETF flows tell you what they're actually
buying via spot. The two together are the most institutionally credible read on crypto demand publicly available — both free, both refreshed daily.
5-day moving average smooths the daily noise — single-day flows can swing $500M+ on no news, so the MA is the more honest read of regime. Both BTC and ETH are currently in / mode. Inflection points (when the MA crosses zero from one side) are the institutional regime changes worth watching.
The cumulative net is BTC ETFs at (since Jan 2024) and ETH ETFs at (since Jul 2024). The BTC line tells the story of the post-launch institutional buildup followed by the 2025 unwind followed by the 2026 re-acceleration. ETH started smaller and has stayed smaller, but is also currently inflowing.
BTC ETFs · cumulative net
aggregate
ETH ETFs · cumulative net
aggregate
The Grayscale legacy funds (GBTC, ETHE) — high-fee trusts that converted to ETFs at the spot-launch — have been net outflows. The new low-fee issuers (BlackRock IBIT/ETHA, Fidelity FBTC/FETH) absorbed both the legacy unwind and net new institutional demand. BlackRock dominates both products: IBIT 65.4B / 58.6B BTC total, ETHA 12.0B / 12.1B ETH total. That single-issuer concentration is itself a signal — institutional crypto allocation is centralizing through one custody / ticker.
Why the 5-day MA matters
Single-day ETF flows are noisy — quarter-end rebalances, weekend-bunched orders, and large block creations / redemptions all swing daily numbers without telling you anything about regime. The 5-day MA filters this. The signal is the MA crossing zero from one side — that's institutional demand changing direction in a way that's not just calendar noise.
What concentrated AUM by IBIT means
BlackRock IBIT holds ~92% of cumulative net BTC ETF inflows since launch. Institutional crypto allocation is happening through a single ticker rather than a diversified ETF set. That centralization simplifies the read (watch IBIT, you watch the institutional flow) but also creates concentrated counterparty exposure for the asset class. Worth knowing as the structural market context.