Flow Tape
The bid was concentrated, not broad. BlackRock's two flagship products drove roughly 87% of net inflows between them, with Fidelity's FBTC providing a smaller supporting print on the bitcoin side. Outflows were shallow and isolated to a single Ethereum product, FETH, which shed $15.4 million even as ETHA absorbed more than three times that figure — consistent with issuer rotation rather than an asset-level exit.
- IBIT (BlackRock, BTC): +$133.5M ↑
- ETHA (BlackRock, ETH): +$54.9M ↑
- FBTC (Fidelity, BTC): +$20.2M ↑
- FETH (Fidelity, ETH): -$15.4M ↓
7-Day Context
Trailing cumulative figures are not available in tonight's tape while settling days remain incomplete. On a same-session basis, Tuesday's print extends a run of net-positive flow days and points to sustained institutional appetite on the bitcoin side, with ETH flows narrowing to a net-positive footing after intra-issuer dispersion.