Why can an ETF's trading price stay so closely aligned with the assets held by the fund?
When U.S. spot Bitcoin and Ethereum ETFs first launched, they only allowed cash creations and redemptions. In July 2025, the SEC allowed crypto asset ETPs to use in-kind creations and redemptions.
When tracking ETF fund flows, it's better to look at the cumulative direction over several weeks. Large inflows or outflows on a single day may come from portfolio rebalancing by individual institutions.
Behind the shares of a spot Bitcoin ETF, the issuer actually holds $BTC . Currently 74959.99.
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