For ETF creations and redemptions, remember these points:
1) When creating shares, an authorized participant gives the fund cash or the corresponding assets in exchange for a whole creation unit of new shares; redemptions work in reverse.
2) When U.S. spot Bitcoin and Ethereum ETFs first launched, creations and redemptions were allowed only in cash. In July 2025, the SEC allowed crypto-asset ETPs to use in-kind creations and redemptions.
3) When tracking ETF flows, look at the cumulative trend over several weeks. Large inflows or outflows on a single day may reflect portfolio rebalancing by an individual institution.
The shares of a spot Bitcoin ETF correspond to $BTC actually held in custody by the issuer. Currently 83306.48.
1) When creating shares, an authorized participant gives the fund cash or the corresponding assets in exchange for a whole creation unit of new shares; redemptions work in reverse.
2) When U.S. spot Bitcoin and Ethereum ETFs first launched, creations and redemptions were allowed only in cash. In July 2025, the SEC allowed crypto-asset ETPs to use in-kind creations and redemptions.
3) When tracking ETF flows, look at the cumulative trend over several weeks. Large inflows or outflows on a single day may reflect portfolio rebalancing by an individual institution.
The shares of a spot Bitcoin ETF correspond to $BTC actually held in custody by the issuer. Currently 83306.48.