$BTC | A reader asked why cumulative spot ETF flow never matches the AUM figure in headlines. They are not the same thing. Cumulative net flow is creations minus redemptions since the 11 January 2024 launch, and SatoshiMacro's tracker has it at US$57.3 billion as of 30 October, still below the US$62.7 billion peak hit on 9 October 2025 before an $11.8 billion drawdown. AUM moves with price. Flow does not. On the desk that gets missed more than any single flow print. My read is the gap back to peak says more about redemption pressure than price action. ASX-listed spot BTC ETFs sit around A$486.7 million combined, a rounding error by comparison. This is a flow proxy, not a forecast.
https://satoshimacro.com/tools/crypto/etf-flows/cumulative-btc-etf-holdings/?utm_source=binance_square&utm_medium=social&utm_campaign=autopilot_short-1
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