Bitwise ETF inflow trends following market shifts

BITB momentum and volatility

Bitwise Bitcoin ETF (BITB) showed notable volatility and growth throughout 2026. On August 19, 2026, the fund recorded a daily net capital inflow of $16.15 million, which increased total holdings to 36,868 BTC and drove net assets to $2.38 billion. The fund saw a 23.5% monthly return in August and an 8.2% gain in September. However, the fund suffered a 17.9% decline in June and a 15.8% loss in February. The price moved from $46.96 on September 21 to $45.75 on October 2. On September 25, the price stood at $45.57 and was $44.10 on September 18. These movements occurred as Bitcoin price recovered to trade above $95,000 in January. The market saw daily ETF inflows fall from a peak of $606.3 million on August 20 to $232.2 million on a recent Wednesday. BITB price also reached $43.31 on August 24 and $42.57 on August 26. On September 2, the price was $42.56 and rose to $46.41 on September 23. You should notice how these monthly returns vary despite the massive accumulation of assets. Can the fund sustain its $2.38 billion valuation if Bitcoin fails to hold its support levels?

Competition and custody concentration

Competition among Bitcoin ETFs intensified as institutional demand surged. On January 13, 2026, Bitwise Bitcoin ETF captured $159.4 million in new capital, which trailed significantly behind Fidelity’s $351.3 million and BlackRock’s $126.2 million during that single day of intense institutional demand. This performance marked the strongest single-day inflow in three months. During an eight-session inflow streak, BlackRock’s IBIT captured $2.02 billion, while Bitwise’s BITB took in only $6 million on Wednesday and $3 million on Tuesday. The fund manages $2.67 billion in total assets. Most major issuers rely on a centralized custody model. Coinbase manages $77.10 billion of the $91.71 billion market, which accounts for 84.1 percent of total assets. BlackRock’s IBIT manages $55.70 billion, while Grayscale’s ETFs hold $14.67 billion. On that same Tuesday, Fidelity’s FBTC received $15.45 million and Grayscale’s Bitcoin Mini Trust added $6.98 million. The total net inflow for U.S. spot Bitcoin ETFs was $753.7 million on that January day, which was higher than the $660 million recorded since the start of the year. Eleven spot Bitcoin ETFs exist in the United States, which hold $61.21 billion in total net assets. The market exhibited signs of momentum fatigue when daily ETF inflows fell from a peak of $606.3 million on August 20 to $232.2 million on a recent Wednesday.

XRP ETF inflows and rotation

Bitwise also manages an XRP ETF that shows consistent activity. This product amassed $415.07 million in cumulative net inflows through September 28. The fund saw inflows of $12.47 million on September 22, $7.34 million on September 23, and $11.99 million on September 25. These gains helped offset a $1.21 million withdrawal on September 18. Bitwise manages the fund passively and charges an annual sponsor fee of 0.34% on the XRP holdings. The fund uses Coinbase Custody Trust Company to hold the underlying assets. While the fund issues an unspecified number of shares, it creates and redeems them in baskets of 10,000. The fund calculates its net asset value using the CME CF XRP-Dollar Reference Rate-New York Variant. The fund lists on NYSE Arca under the ticker XRP and provides direct exposure to the value of XRP in the possession of the Trust. The custodian maintains segregated accounts for the Trust’s XRP. U.S.-listed spot XRP ETFs attracted $28.1 million on a recent Wednesday, pushing cumulative net inflows to $1.62 billion. Combined holdings for U.S. funds recently crossed 1 billion XRP. Does the persistent inflow pattern in XRP suggest a similar institutional rotation as seen in Bitcoin?