01 / Capital signal
Wrapper demand monitor
BTC and ETH remain visible together. One timeline updates both panels; each chart retains its own labelled scale.
BTC monthly net flow
monthly inflowmonthly outflowcumulative
ETH monthly net flow
monthly inflowmonthly outflowcumulative
Recent flow tape
reported US spot-fund net flow, $M · aligned reporting dates
Latest combined—
Latest 5 days—
8 reported days—
BTC recent flows
latest eight reported days
| Date | BTC net flow |
|---|
ETH recent flows
latest eight reported days
| Date | ETH net flow |
|---|
BTC fund contribution
cumulative net flow since launch
ETH fund contribution
cumulative net flow since launch
02 / Product structure
Where the wrapper market is concentrated
Fund count shows breadth; disclosed token holdings show the physical footprint. Coverage remains visible so an incomplete disclosure set is never mistaken for a total.
Asset footprint
click an asset to carry it into the fund directory
| Underlying | Funds | FFI | Disclosed tokens held | Coverage | Largest disclosed holder |
|---|
Holdings concentration
share of disclosed units within one asset
03 / Thesis register
Separate evidence from interpretation
The author’s macro thesis is retained verbatim in substance, but clearly separated from computed ETF signals.
Mega-IPO liquidity drain — a working thesis to check against future flowsAuthor note / not a computed signal
Precedent
The SpaceX IPO (Jun 2026, approximately $75B — the largest listing ever) pulled liquidity out of crypto. This is the pattern to watch.
Prediction
Anthropic (Oct 2026) and OpenAI / ChatGPT (late 2026 → perhaps 2027) may list at roughly SpaceX scale. Much capital has already rotated privately, but more may drain from crypto as listing dates approach.
Recovery
Once those mega-IPOs are complete, liquidity may rotate back into crypto and the ETFs around late 2026 / early 2027.
Discipline
This may be wrong. Its purpose is to create a dated, falsifiable thesis that can be checked against the monthly and daily flow evidence above.
04 / Product directory
Inspect the complete fund universe
Filters stay on the page, columns remain sortable, and each row opens a compact detail view. Default page size is 100.
Net flows come from the Farside history export and cover the BTC and ETH US spot-fund sets. AUM values are approximate research snapshots and are not summed where qualitative ranges are used. Tokens held are price-independent disclosed units; a blank value means the fund does not disclose units or is a derivative wrapper. FFI describes the underlying asset, not the legal or operational risk of the fund itself.