ETF Treasuries

This page is planned to aggregate the Bitcoin holdings of ETFs and institutional entities. Unlike flow pages that track daily creations and redemptions, this one covers the cumulative custodial stock: total coins held across spot ETFs, corporate balance-sheet holdings, and disclosed positions of sovereign and fund entities.

The stock view answers how much supply has been locked into accounts unlikely to move. The key readings are holdings as a share of circulating supply and the slope of that share: a rising share means shrinking tradeable float, which supports price elasticity over time but also concentrates sell-side risk in fewer custodians. Mind the disclosure lag — 13F filings and corporate reports are quarterly.

ETF and institutional metrics track regulated fund flows. Daily prints are extremely noisy and a single day's number carries almost no predictive value — read weekly and cumulative trends instead.

Assembling a holdings ledger requires stitching together sources with very different cadences: US spot ETF issuers publish holdings daily, corporate treasuries disclose quarterly through filings and earnings releases, and fund positions surface with a lag through 13F reports. Two methodological rules keep the aggregate honest. First, only publicly verifiable positions are counted, meaning attributed on-chain addresses or formal disclosures, so the true institutional total is understated by design. Second, deduplication matters: an ETF's coins, the custodian technically holding them, and a fund owning ETF shares must not be counted three times, which is a real risk when merging third-party datasets. The most informative derived series are the weekly net change in aggregate holdings, a slower and cleaner cousin of daily ETF flows, and holdings as a share of circulating supply. Watch concentration too: when a single vehicle dominates the total, its idiosyncratic events such as fee changes, redemptions or legal restructuring move the aggregate in ways that say nothing about broad demand.

The live chart for this metric is still being wired up. Bitcoin and Ethereum spot ETF flows, AUM and market share are already fully live.