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30-Day Net Flow Share by Issuer

Share of each issuer (IBIT, FBTC, GBTC) in the gross activity of the three over 30 trading days. The numerator is the issuer's signed net flow over the window; the denominator is the sum of the three issuers' absolute gross flows over the same window, never the net total. A negative share means net redemptions over the window. The three shares do not add up to 100%, so they are not an accounting market share; each share lies between -100% and +100%. A high reading on a single issuer describes concentration of net flows over the window. Rows during the 30-trading-day warmup and rows whose denominator is zero are not published.

Tier proMacro intelligenceetfbtcmarket-shareconcentrationibitfbtc

What is it?

A 30-trading-day view of how signed net flows are split between the three issuers tracked here (IBIT, FBTC, GBTC). Each line is one issuer's signed net flow over the window, divided by the sum of the three issuers' absolute flows over the same window. The denominator is gross activity, not the net total, so the three parts do not add up to 100 % and each part lies between -100 % and +100 %. A positive reading means net creations over the window, a negative reading means net redemptions. The 30-day window is deliberate: single days are noisy, a month shows the underlying allocation regime. This is the chart to consult to see which issuer is attracting net money over the window without being misled by one large trading day.

How to read

Three percentage lines over time: IBIT (primary color), FBTC (secondary), GBTC (tertiary). Read each line against zero: above zero, the issuer attracted net money over the 30-day window; below zero, it returned money to the market. A high positive reading means that issuer dominates the net flow among the three; a high negative reading means it dominates the net redemptions. Because the denominator is the gross activity of the three, a line near the top of the band does not mean the issuer holds the whole market: the parts are not additive and cannot exceed plus or minus 100 %. The lines say nothing about who the underlying buyers are. The ratio is insensitive to the absolute size of flows: the same reading on a quiet week and on a busy week tells the same concentration story. Vertical markers annotate structural events (spot launch, GBTC conversion) - hover for source link.

Key zones

• Rotation chapter: IBIT near the top of the positive band, GBTC in the negative part (net redemptions). This is the signature of 'new money goes to IBIT while old money leaves GBTC', and neither line crosses plus or minus 100 %. • Normalization: the three lines move back toward the middle of the band as GBTC's redemptions slow, and the category shifts from rotation to growth. • Concentration reading: a persistent high positive reading means the net money is concentrated on a single issuer over the window. • Competitive reading: a lower positive reading for IBIT while FBTC or GBTC moves up means the net flows are spreading across issuers. • GBTC positive territory: once GBTC's line stabilizes above zero, the trust-era redemptions are behind.

What to observe

• Crossings through zero: a GBTC line rising through zero is the clearest indication that the rotation chapter has ended. A dip back below zero means a new wave of rotation has begun (usually triggered by a fee cut by a competitor). • Sign and persistence: the sign of each line matters more than its exact level; a part that stays positive for weeks describes a durable net inflow regime. • Relative ordering: when IBIT's line is far above the others, net money is concentrated; when the three lines come closer, the net flows are spreading. • Volatility of the lines: a whipsawing part points to a thin, easily-distorted flow environment (bad for narrative reliability). A smooth part points to a mature flow regime. • Divergence from the cumulative chart: if IBIT's net flow share falls while its cumulative line keeps climbing, absolute flows are still strong but competition is catching up.

Historical context

The rotation chapter that followed the launch of US spot Bitcoin ETFs had no real precedent in ETF history. Normally, when a new ETF competes with an existing product, assets migrate gradually over months as investors compare performance and fees. The BTC case was compressed because the incumbent was a pre-ETF trust locked in a closed-end structure for a decade, suddenly liquid, with much cheaper alternatives available on day one. Holders who had endured discounts to NAV had every incentive to rotate quickly once the discount closed, and many did. This chart makes that choreography legible in signed net flows: IBIT sat near the top of the positive band, FBTC held a steady positive part, and GBTC bled into the negative part before stabilizing. Reading it means understanding why ETF outflows and a bearish Bitcoin read were decoupled during that period: the outflows were a structural migration, not a directional bet against the asset.

Expert notes

the 30-day net flow share is a Trinity computation applied to the daily per-issuer public disclosures stream. Two methodology notes: (1) the denominator is the sum of the absolute flows of IBIT, FBTC and GBTC only, not the sum across all eleven issuers. That keeps the chart focused on the three-way contest, but a reading here is not a share of the whole category. (2) Because the numerator is signed while the denominator is gross, each line is bounded by plus or minus 100 % by construction, and the three lines can sum to any value in between: do not expect an accounting split. A part near zero means the issuer's net flow is small relative to the gross activity of the three, not that the issuer is inactive.

Common mistakes to avoid

• 'The three parts must add up to 100 %': they cannot, because the numerator is a signed net flow while the denominator is the gross activity of the three. Adding them has no meaning. • 'A part can be read as a share of the market': no, each part measures a signed net flow against the gross activity of the three, is bounded by plus or minus 100 %, and the parts are not additive. • 'A high IBIT part means the largest issuer holds most of the ETF assets': no, it means IBIT's signed net flow dominates the gross activity of the three over the window. Cumulative assets are a different number. • 'A part near zero means no activity': no, it means net creations and net redemptions roughly offset over the window, or that the issuer's net flow is small next to the others. • 'This chart covers the whole ETF category': it tracks three issuers only; the full breakdown requires the daily-by-issuer chart.

Programmatic access

REST API

curl -sS \
  'https://api.trinityinsights.io/api/v1/macro-intelligence/metrics/etf-btc-issuer-market-share/data?timeframe=90d' \
  -H 'X-API-Key: $TRINITY_API_KEY'

MCP server

{
  "tool": "get_chart_value",
  "metric_id": "etf-btc-issuer-market-share",
  "timeframe": "1y"
}

Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.

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Institutional disclaimer

Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.