WEEKLY DATA · U.S. SPOT BITCOIN ETPS

BITCOIN ETF ANALYSIS

What they hold. What changed. What it costs to own.

12 funds in scope · Week 2026-10-09 / baseline 2026-10-02
USD flows · existing scheduled pipeline · read-only weekly aggregation
Last source observation: 2026-10-15T01:30:04.635998+00:00 · latest completed final date: 2026-10-09
Holdings · Weekly collection active
Last successful holdings collection: 2026-10-15T01:15:02.374+00:00 · Next scheduled refresh: 2026-10-16T01:15:00+00:00

BTC held · covered subtotal1,287,655.1012/12 as-of 2026-10-09 balances · 6.132% of 21m capAUM — · matched-date available subtotal

Weekly net BTC change-2,598.1012/12 as-of balance pairs · baseline 12/12

Net holdings reduction6,538.8012/12 pairs · not gross market sales

Weekly net USD flows-$678.9M12/12 funds · 5 completed sessions · Covered scope

Holdings coverage: 12/12 current · 12/12 prior. Secondary historical balances from Bitbo used for 12/12 funds where issuer archives were unavailable (owner-supplied one-time snapshot).

Holdings reductions can reflect redemptions (including in-kind) and fee payments; they do not prove the fund sold that BTC on the market. Actual BTC sold: Not separately disclosed. Balances use the latest issuer observation on/before each cutoff, otherwise secondary historical balances. Some source dates precede Friday where no Friday balance was published; effective current and baseline dates appear in each row.

CUMULATIVE ETF NET INFLOWS

+$57.14B

As of 2026-10-14 · 692 reported sessions · since 2024-01-11

Net subscriptions minus redemptions, USD; not AUM, BTC acquired, or ETF trading volume.

2026-10-14Daily net flow −$150.5MCumulative net flow +$57.138BProvisional report

Includes 4 provisional daily totals contributing +$713.0M; final-only contribution $56.4245B. Historical revisions update the entire inception-anchored series. Closed sessions and unreported placeholders are excluded.

Farside Investors · locally stored provider TOTAL · latest revision per date · data vintage 2026-10-15T01:30:04.635998+00:00

Provider TOTAL already includes the fund universe; individual funds are not added again. Public Farside totals may temporarily differ from locally revised records while a ticker is pending.

01 / ETF HOLDINGS

Fund / issuer						Source date / quality
BlackRock (iShares)	804,753.60	3,720.20	0.00	$1.1M5/5 reported sessions	—	Historical fallback: BitboCurrent 2026-10-09Baseline 2026-10-01 · Historical fallback: BitboLatest facts date unverified
Fidelity	180,629.50	-2,537.50	2,537.50	-$380.3M5/5 reported sessions	—	Historical fallback: BitboCurrent 2026-10-08Baseline 2026-10-01 · Historical fallback: BitboLatest facts date unverified
Grayscale	126,104.30	-878.40	878.40	-$47.5M5/5 reported sessions	—	Historical fallback: BitboCurrent 2026-10-09Baseline 2026-10-02 · Historical fallback: BitboLatest facts date unverified
Grayscale (Mini)Grayscale Mini · not BTC price	63,129.50	42.40	0.00	-$11M5/5 reported sessions	—	Historical fallback: BitboCurrent 2026-10-09Baseline 2026-10-02 · Historical fallback: BitboLatest facts date unverified
Bitwise	37,290.80	-547.90	547.90	-$45.3M5/5 reported sessions	—	Historical fallback: BitboCurrent 2026-10-09Baseline 2026-10-02 · Historical fallback: BitboLatest facts date unverified
21Shares (Sub-advised by ARK)	32,024.40	-2,462.90	2,462.90	-$207.2M5/5 reported sessions	—	Historical fallback: BitboCurrent 2026-10-09Baseline 2026-10-02 · Historical fallback: BitboLatest facts date unverified
VanEck	14,637.90	-85.40	85.40	-$1.2M5/5 reported sessions	—	Historical fallback: BitboCurrent 2026-10-09Baseline 2026-10-02 · Historical fallback: BitboLatest facts date unverified
Morgan Stanley	10,639.40	120.30	0.00	$7.8M5/5 reported sessions	—	Historical fallback: BitboCurrent 2026-10-07Baseline 2026-10-02 · Historical fallback: BitboLatest facts 2026-10-12
CoinShares	5,678.70	-25.70	25.70	$05/5 reported sessions	—	Historical fallback: BitboCurrent 2026-10-09Baseline 2026-10-02 · Historical fallback: BitboLatest facts date unverified
Franklin Templeton	5,661.40	57.80	0.00	$4.7M5/5 reported sessions	—	Historical fallback: BitboCurrent 2026-10-09Baseline 2026-09-24 · Historical fallback: BitboLatest facts 2026-10-05
Invesco Galaxy	5,051.60	0.00	0.00	$05/5 reported sessions	—	Historical fallback: BitboCurrent 2026-10-05Baseline 2026-10-02 · Historical fallback: BitboLatest facts date unverified
WisdomTree	2,054.00	-1.00	1.00	$05/5 reported sessions	—	Historical fallback: BitboCurrent 2026-10-06Baseline 2026-09-29 · Historical fallback: BitboLatest facts date unverified

02 / Weekly creations & redemptions

Provider-reported net flows · USD millions · 2026-10-09

IBIT

1.1

FBTC

-380.3

BITB

-45.3

ARKB

-207.2

BRRR

0.0

HODL

-1.2

EZBC

4.7

BTCW

0.0

GBTC

-47.5

MSBT

7.8

BTCO

0.0

BTC

-11.0

Holdings share

As-of 2026-10-09 balances · 12/12 coverage · never a full-market estimate.

IBIT 62.5% of covered holdings

FBTC 14.0% of covered holdings

BITB 2.9% of covered holdings

ARKB 2.5% of covered holdings

BRRR 0.4% of covered holdings

HODL 1.1% of covered holdings

EZBC 0.4% of covered holdings

BTCW 0.2% of covered holdings

GBTC 9.8% of covered holdings

MSBT 0.8% of covered holdings

BTCO 0.4% of covered holdings

BTC 4.9% of covered holdings

Reported weekly flow history

24 real full-scope weeks shown · source: Farside Investors

03 / What fees cost

Allocation · USDHolding period · years

Constant Bitcoin price and current effective fee. Annual compounding: allocation × [1 − (1 − fee)^years]. No trading, spread or tax costs. Hypothetical fee drag, not a return forecast. Current waivers are held constant here, not a prediction of future fee terms.

Fund	Assumed annual fee	First-year cost	5-year compounded fee drag	Value after fees only
IBIT	0.25%	$250	$1.24K	$98.76K
FBTC	0.25%	$250	$1.24K	$98.76K
BITB	0.20%	$200	$996.01	$99K
ARKB	0.21%	$210	$1.05K	$98.95K
BRRR	0.25%	$250	$1.24K	$98.76K
HODL	0.20%	$200	$996.01	$99K
EZBC	0.19%	$190	$946.4	$99.05K
BTCW	—%	—	—	—
GBTC	—%	—	—	—
MSBT	0.14%	$140	$698.04	$99.3K
BTCO	—%	—	—	—
BTC	—%	—	—	—

04 / Before you allocate

Fees ≠ execution costs

Spread, order size and market conditions matter alongside annual fees. Fund size is not committed liquidity; unverified execution metrics remain unranked.

Custody is a separate risk

Sponsor reputation does not remove digital-asset custodian concentration, operational risk or loss of keys. Principal is not insured; custody arrangements do not cover all investor losses.

Tracking is not ownership

Benchmarks use different fixing windows. ETF shares are not private keys; retail holders do not gain Bitcoin redemption rights from in-kind AP transactions.

Net creations can support long-run Bitcoin demand; redemptions reverse it. Price gains are not guaranteed. These spot trusts do not acquire Investment Company Act of 1940 protections merely by being called ETFs.

Sources, methodology & collection log

Scope: U.S.-listed single-asset unlevered spot Bitcoin ETPs. Futures BITO, leverage, option-income and multi-asset products are excluded; former DEFI is not counted without current pure-BTC verification. Coverage is per metric, not inferred from metadata completeness.

Weekly holdings change compares as-of balances at each cutoff: latest valid issuer observation on/before the cutoff, otherwise latest secondary historical observation on/before it. True current and baseline dates are shown, including observations preceding Friday. Bitbo secondary records are a one-time owner-supplied dataset sourced to its public latest-changes page, not an authenticated API fetch. Net holdings reduction = max(prior BTC − current BTC, 0), summed across compatible funds. Flows are reported daily net creations/redemptions, not traded volume; dollar flows are never divided by a Bitcoin price to estimate actual BTC purchased or sold. Fees can reduce BTC/share; splits, transfers and GBTC spin-offs are not new demand.

Source USD flows are rounded to $0.1m. Daily reconciliation tolerance is 0.05m per displayed fund plus 0.05m for the provider total; raw totals and differences remain archived. Missing dashes are provisional, not zero. Only complete session windows produce weekly net flow. Reconciliation failures and pre-inception gaps are withheld from full-scope history; they remain in the archive, not zero-filled.

SEC · 29 July 2025 in-kind approval · Farside originating flow table

Collection timestamps record retrieval, not the issuer’s reporting date. Archived facts retain raw evidence. Public redistribution permissions remain unconfirmed.

success · 2026-10-15T01:15:02.440365+00:00

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success · 2026-10-14T01:15:01.866975+00:00

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success · 2026-10-13T23:53:12.125922+00:00

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partial · 2026-10-13T23:49:58.652704+00:00

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success · 2026-10-13T23:40:43.475858+00:00

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05 / OPPORTUNITY WATCH

Weekly research review · not intraday timing

Rule-based research hypotheses — not backtested; conditions met does not establish a profitable trade. Educational only — not financial advice, no probabilities or position recommendations.

Selected cutoff 2026-10-09 · evaluated session 2026-10-09 · latest usable flow 2026-10-09 · latest usable price 2026-10-09 · flow vintage 2026-10-15T01:30:04.635998+00:00 · price vintage 2026-10-15T00:15:02.342061+00:00
Historical selections are recomputed from the current data vintage, not trade-time signals.

F5 · last 5 sessions−$678.9M2026-10-05–2026-10-09

F20 · last 20 sessions+$1,954.1M2026-09-14–2026-10-09

Flow acceleration−$311.3M/dayF5/5 − (F20−F5)/15 · positive = stronger recent demand

Price confirmationBelow 20-session highClose $82,640 vs prior closing high $86,600

No bullish entry setup fully meets its listed rules for this cutoff. Flows: provider TOTAL (Farside via existing pipeline), latest revision per date, consecutive expected sessions; missing sessions are never zero. Price: BTC/USD UTC close, sampled on ETF session dates — not IBIT price or synchronized NY close; levels are closing-price levels, not intraday highs/lows. Source: CoinLore — https://www.coinlore.com (utc-daily-candle-close).

01 Flow reversal + price breakoutNOT CONFIRMED

Flow reversal + breakout

Recent flow conditions are not all positive.

✗ F5 > 0: −$678.9M
✓ F20 > 0: +$1,954.1M
✗ Acceleration > 0: −$311.3M/day
✓ F5 ≤ 0 within preceding 5 sessions: reversal
✗ Close > prior 20-session closing high: $82,640 vs $86,600
✓ Final, complete inputs (20 flow / 21 price sessions): yes

Opportunity to investigate: Investigate whether renewed aggregate creations alongside a closing-price breakout support tactical, unlevered BTC/ETF exposure — not automatic buying. Long calls only after an independent review of implied volatility, expiry and liquidity.
Dashboard evidence: F5, F20 and acceleration from provider TOTAL; reversal requires F5 ≤ 0 in one of the 5 preceding evaluated sessions; price confirmation = cutoff proxy close above the maximum of the previous 20 session closes (cutoff excluded).
What might confirm it: All checks hold on final, complete inputs and persist at the next weekly review.
Invalidation & risks: Failed breakout (close back below the reference level) or renewed negative 5-session flows. Define risk before entry; stop orders are not guaranteed fills.

02 Outflow absorption / recoveryNOT CONFIRMED

Outflow absorption / recovery

Prior five sessions were not net outflows.

✗ Prior 5-session flow < 0: +$241.1M
✗ Current 5-session flow improving: −$678.9M
✗ Current-5 lowest close ≥ prior-5 lowest close: $81,706 vs $83,560 support (2026-09-28–2026-10-02)
✗ Close > previous 5-session closing high: $82,640 vs $85,823
✓ Final, complete inputs (10 flow / 10 price sessions): yes

Opportunity to investigate: Investigate whether outflows are being absorbed before a recovery. Large outflows alone are not a reason to buy.
Dashboard evidence: Developing: prior-5 flow < 0, current-5 ≤ 0 but improving, and current-5 lowest close ≥ prior-5 lowest close. Recovery: prior-5 < 0, current-5 > 0 and cutoff close above the previous 5-session closing high.
What might confirm it: Recovery checks hold on final data; flows stay positive into the next review.
Invalidation & risks: A close below the prior-5 closing-price support shown above, or outflows re-accelerating. These filters do not prove sellers are exhausted or a bottom.

03 Inflows without price follow-throughNOT CONFIRMED

Risk warning: inflows without price follow-through

No net 5-session inflows to test.

✗ F5 > 0: −$678.9M
✓ Matched 5-session close return ≤ 0: -2.23% (2026-10-02 → 2026-10-09)
✗ Close < prior 10-session closing low: $82,640 vs $81,706
✓ Final, complete inputs (5 flow / 11 price sessions): yes

Opportunity to investigate: Risk-management warning only — not a short/sell signal and not a bullish entry. Inflows that fail to lift price may indicate offsetting supply or hedged demand.
Dashboard evidence: Developing caution: F5 > 0 while the matched 5-session close return ≤ 0. Stronger caution: cutoff close below the minimum of the prior 10 session closes.
What might confirm it: Reversal of the warning: a close back above the start-of-window close with positive flows.
Invalidation & risks: Price follows inflows higher. Flows can include basis/hedged demand, so not all ETF demand is unhedged conviction.

04 ETF cost & executionCOST ONLY

Opportunity to investigate: Investigate whether the same BTC exposure can be held at lower annual cost. No fund is ranked best or safest; cheapest is not safest.
Dashboard evidence: Verified current fees range 0.14%–0.25% across 8 funds; at the calculator allocation of $100,000 the annual fee difference is $110 (constant BTC price). Fee source dates: 2026-10-05, 2026-10-12. Expired waivers use the sponsor fee.
What might confirm it: Cost comparison only; execution not evaluated — verify live spreads, order size, brokerage, taxes and transfer effects.
Invalidation & risks: Potential fee savings are before spreads, taxes, brokerage, tracking and transfer effects. A fund with larger inflows need not outperform Bitcoin.

05 Options & basis readinessNOT EVALUATED

Opportunity to investigate: Collapsed checklist, not a trade generator. Status: Not evaluated — live options/futures inputs absent.
Dashboard evidence: Calls need live IV, bid/ask, open interest, expiry and an acceptable full-premium loss. Basis trades need synchronized spot/ETF and futures prices, tenor, financing, fees, margin, hedge sizing and tracking. Sources: long call ↗ · covered call ↗ · Bitcoin basis ↗
What might confirm it: Only after inputs are actually sourced and calculated.
Invalidation & risks: Long calls can lose the full premium. Covered calls can be assigned and cap upside — not "safe" on shares you refuse to lose. Basis trades are not risk-free; no naked options.

“Conditions met” describes rules only, never expected profit. Investments can lose value, including all capital.

Opening ETF report…