Flow Tape
The bid concentrated in bitcoin products, with FBTC and ARKB together accounting for $252 million of gross inflows. IBIT's outflow ran counter to the tape, suggesting rotation within BTC issuer share rather than broad de-risking. Ether products netted marginally positive, with ETHA's $28.3 million intake offsetting Grayscale and Fidelity redemptions.
- +$162.2M ↑ FBTC (Fidelity, BTC)
- +$89.8M ↑ ARKB (ARK Invest, BTC)
- +$28.3M ↑ ETHA (BlackRock, ETH)
7-Day Context
Trailing cumulative figures are not yet available with settling days incomplete across the reporting window. Thursday's print, taken in isolation, is consistent with continued institutional demand for spot bitcoin exposure, with issuer-share dispersion — not net direction — telling the story.