Flow Tape
The Tuesday tape shows a concentrated BlackRock bid rather than a broad-based one. IBIT and ETHA together accounted for roughly $82 million in gross demand, more than offsetting the $33 million in bitcoin redemptions across FBTC and ARKB. Solana products stayed positive on Bitwise's BSOL, with Volatility Shares' SOLT the only meaningful drag on the SOL cohort.
- IBIT (BlackRock, BTC): +$54.9M ↑
- ETHA (BlackRock, ETH): +$27.1M ↑
- BSOL (Bitwise, SOL): +$8.4M ↑
- FBTC (Fidelity, BTC): -$25.0M ↓
- ARKB (ARK Invest, BTC): -$8.5M ↓
- SOLT (Volatility Shares, SOL): -$0.8M ↓
BTC and ETH coverage settled at 100%; XRP came in at 8-of-9 funds reporting, leaving the XRP cohort partial for the session.
7-Day Context
Trailing cumulative figures are not yet available with settling days incomplete, so the multi-day trend read is deferred to tomorrow's tape. The single-session print is consistent with issuer-level rotation — BlackRock absorbing, Fidelity and ARK distributing — rather than a directional shift across the complex.