Rolling 24 hours, $BTC -1.44%. This shows that spot prices pulled back during this window, but price alone cannot tell us where the funds came from. I’d rather separate two things: how much institutions hold is a stock; how much they have bought net over a period of time is a flow.
According to a report by Jinse Finance (Beijing time, November 9, 2026), Dune data shows that total on-chain holdings of U.S. spot Bitcoin ETFs have exceeded 2.06 million BTC, accounting for 10.24% of the current BTC supply, with the value of their on-chain holdings reaching approximately $209.2 billion. The 2.06 million BTC is the quantity held, and approximately $209.2 billion is its corresponding market value. Both are stock measures, not funds that flowed in during these 24 hours.
This is a substantial amount of holdings, but it does not mean that ETFs have recently been net buyers, let alone prove that they explain this pullback. Dollar valuations change with the price of the coin, and the quantity held is not the same as net subscriptions over the same period. Writing “they hold a lot” as “they bought a lot recently” mixes up the statistical measures.
Next, I’ll check ETF net flows over the same time window and see whether they correspond to changes in on-chain holdings. If all we have is the total holdings figure, the conclusion should go no further than the size of the stock; discussing the direction of new funds also requires net flow data. We can note the price, but let’s not rush to fill in the cause.
According to a report by Jinse Finance (Beijing time, November 9, 2026), Dune data shows that total on-chain holdings of U.S. spot Bitcoin ETFs have exceeded 2.06 million BTC, accounting for 10.24% of the current BTC supply, with the value of their on-chain holdings reaching approximately $209.2 billion. The 2.06 million BTC is the quantity held, and approximately $209.2 billion is its corresponding market value. Both are stock measures, not funds that flowed in during these 24 hours.
This is a substantial amount of holdings, but it does not mean that ETFs have recently been net buyers, let alone prove that they explain this pullback. Dollar valuations change with the price of the coin, and the quantity held is not the same as net subscriptions over the same period. Writing “they hold a lot” as “they bought a lot recently” mixes up the statistical measures.
Next, I’ll check ETF net flows over the same time window and see whether they correspond to changes in on-chain holdings. If all we have is the total holdings figure, the conclusion should go no further than the size of the stock; discussing the direction of new funds also requires net flow data. We can note the price, but let’s not rush to fill in the cause.
