Glossary

FlowScore is InflowScan’s composite 0–100 score for each tracked crypto asset, blending ETF flow direction, derivatives positioning, liquidity, price confirmation, and macro context into one daily reading.

Premium or discount is the percentage gap between an ETF’s market price and its net asset value (NAV). Spot crypto ETFs typically trade within tens of basis points of NAV, kept tight by intraday creation and redemption.

Net flow is the difference between gross creations and gross redemptions for an ETF on a given trading session. A positive net flow means more shares were created than redeemed; negative means the reverse.

Settled flows are ETF creations and redemptions that have completed the T+1 settlement cycle and been published in the issuer’s flow feed. Today’s flows settle overnight and print in tomorrow morning’s feed.

An authorized participant (AP) is a registered broker-dealer with permission to create or redeem ETF shares directly with the issuer. APs are the arbitrage mechanism that keeps an ETF’s market price aligned with NAV.

T+1 means a trade settles one business day after execution. In US equity markets, T+1 has been the standard since May 2024 — replacing the prior T+2 cycle for stocks, ETFs, and most exchange-traded products.

AUM stands for assets under management — the total market value of the holdings inside a fund. For a spot crypto ETF, AUM equals the dollar value of the fund’s crypto plus any cash reserves, marked at session close.

The issuer is the asset-management firm that sponsors and operates an ETF — the entity legally responsible for the fund. For US spot crypto ETFs, the issuer publishes the daily creation, redemption, and AUM data the market reads.