Flow Tape
- IBIT (BlackRock, BTC): +$135.0M ↑
- FETH (Fidelity, ETH): +$24.2M ↑
- BITB (Bitwise, BTC): +$14.6M ↑
- FBTC (Fidelity, BTC): -$39.1M ↓
- GBTC (Grayscale, BTC): -$17.1M ↓
The bid was narrowly concentrated, with IBIT alone exceeding the aggregate net figure — a pattern consistent with single-issuer dominance rather than a broad-based allocation. Fidelity's split between FETH inflows and FBTC outflows suggests intra-platform rotation from BTC into ETH exposure, while Grayscale's GBTC continued its multi-month redemption pattern.
7-Day Context
Wednesday's print extends the trailing 7-day cumulative tally to +$1.66B ↑, with the 30-day figure at +$3.59B ↑. The pace of inflows narrows relative to the weekly run-rate, suggesting moderation rather than reversal as positioning settles into mid-month.