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.