Flow Tape

Monday's tape skewed heavily to redemptions, with the two largest bitcoin funds by AUM driving nearly the entire negative print. Grayscale's lower-fee BTC product absorbed the session's largest inflow, a pattern consistent with intra-issuer rotation out of legacy GBTC. Dispersion was narrow: three funds accounted for the vast majority of both sides of the tape.

  • BTC (Grayscale, BTC): +$54.8M ↑
  • HODL (VanEck, BTC): +$6.3M ↑
  • FETH (Fidelity, ETH): +$2.2M ↑
  • FBTC (Fidelity, BTC): -$253.1M ↓
  • IBIT (BlackRock, BTC): -$191.0M ↓
  • GBTC (Grayscale, BTC): -$54.5M ↓

7-Day Context

Trailing cumulative figures were not available at print given incomplete settling days, per InflowScan data. Monday's outflow is concentrated in bitcoin products — the ETH and SOL complexes reported flat-to-marginally-positive tapes, suggesting the redemption impulse was BTC-specific rather than a broad de-risking across the crypto ETF wrapper.