Assets under management is the total dollar value of the holdings sitting inside a fund at a given moment, marked to market. For a spot Bitcoin ETF, AUM is calculated as the number of bitcoin held by the trust multiplied by the bitcoin reference price at session close, plus any cash reserves the trust is holding for operational purposes. AUM rises as the underlying price rises and as new shares are created; it falls as price drops and as shares are redeemed.
AUM is a snapshot, not a flow. It tells you how big the fund is right now, not how much new money came in this week. The two are related — sustained net inflows obviously grow AUM — but AUM also moves with the underlying price even when net flow is flat.
At the slate level, total AUM across all US-listed spot Bitcoin ETFs is one of the most-cited adoption metrics in the space. It crossed $100 billion in late 2024 and continues to track the bitcoin price multiplied by aggregate shares held. Slate-level Ethereum ETF AUM follows the same pattern at a smaller scale.
InflowScan reports per-fund AUM from the issuer-published feed and computes slate-level totals from those rows. Because AUM is a snapshot, we surface only the latest is_complete = true day’s value. If the most recent day has partial coverage, the slate AUM stat shows -- rather than a value pieced together from a half-reported slate.