# A positive week with a narrow doorway

Observed 6 October 2026, Hong Kong time. Research question: did US Bitcoin and Ether exchange-traded products show broad, aligned net inflows over the same completed week?

## Matched sessions

All amounts are USD millions. Positive means net inflow; negative means net outflow. These are calculations from the displayed Farside cells, not independently audited issuer reports. The five sessions are 28 September–2 October 2026; October 5 is excluded from this week.

| US session | Bitcoin | Ether |
| --- | ---: | ---: |
| 2026-09-28 | +31.0 | +17.1 |
| 2026-09-29 | +66.2 | -2.8 |
| 2026-09-30 | -148.7 | -59.6 |
| 2026-10-01 | +102.7 | -55.4 |
| 2026-10-02 | +189.9 | -37.4 |
| Five-session sum | +241.1 | −138.1 |

## Where the weekly total came from

### Bitcoin

| Fund | Five-session net flow, USD m |
| --- | ---: |
| IBIT | +450.2 |
| FBTC | -167.9 |
| BITB | -38.6 |
| ARKB | +25.5 |
| BTCO | -4.2 |
| EZBC | +0.0 |
| BRRR | +0.0 |
| HODL | -3.6 |
| BTCW | +0.0 |
| MSBT | +9.4 |
| GBTC | -54.6 |
| BTC | +24.9 |

Funds with positive / negative / zero weekly net flows: 4 / 5 / 3. Each fund receives one count, regardless of size.

### Ether

| Fund | Five-session net flow, USD m |
| --- | ---: |
| ETHA | -13.6 |
| ETHB | +0.0 |
| FETH | -74.1 |
| ETHW | +0.0 |
| TETH | +1.7 |
| ETHV | -6.9 |
| QETH | +0.0 |
| EZET | -6.1 |
| MSSE | +0.0 |
| ETHE | -27.9 |
| ETH | -11.2 |

Funds with positive / negative / zero weekly net flows: 1 / 6 / 4. Each fund receives one count, regardless of size.

IBIT +450.2 plus the other eleven Bitcoin funds −209.1 equals +241.1. This is an accounting decomposition, not a simulation of a market without IBIT. It does not trace money from one fund or asset to another. A fund with positive net flow for the week may still have had daily outflows.

## October 5 remains separate

At observation, the Bitcoin row showed −159.7 across ten numeric cells, with IBIT and BRRR unreported. The Ether row showed −18.9 across nine numeric cells, with ETHA and ETHB unreported. A dash means no value available in this capture; it is not converted to zero.

| Market | Reported nonzero cells, USD m | Numeric zero cells | Unreported cells | Available-cell subtotal, USD m |
| --- | --- | --- | --- | ---: |
| Bitcoin | FBTC −74.5; ARKB −85.2 | BITB, BTCO, EZBC, HODL, BTCW, MSBT, GBTC, BTC | IBIT, BRRR | −159.7 |
| Ether | FETH −18.9 | ETHW, TETH, ETHV, QETH, EZET, MSSE, ETHE, ETH | ETHA, ETHB | −18.9 |

Neither subtotal is a complete-session result. This artifact does not recompute a final October 5 figure. Its eventual sign cannot be established from these cells alone.

## Reproduction and interpretation

Read each named fund cell for each of the five matching session dates. Parse parentheses as negative values and explicit numeric zeros as zero. Add the fund cells to reproduce the displayed daily total; all ten completed rows agree at USD 0.1 million precision. Then sum each market's five daily totals and independently sum each fund's five observations. Those two paths agree. Keep missing October 5 cells unfilled and exclude that date from the completed-week calculation. Rounding in the provider data and later corrections remain possible.

The Bitcoin-minus-Ether net-flow difference is 379.2 million, but it is not evidence that 379.2 million moved between them. There is no matched investor transaction record here. The two markets also differ in asset base: dollar totals are not normalized demand intensity or expected returns. Network use and price causality were not measured.

Farside publishes automatically updated tables and warns about errors. The provider pages were reopened on October 6; their underlying issuer records were not independently reconstructed. IBIT's 2025 annual report supplies historical context on secondary share trading and creation/redemption; it does not verify these October flows or current per-order settlement methods.

Research reconciliation is complete for the captured week. The October 5 full-session observation and any investment judgment remain open. No portfolio or external action is represented by this note.

## Sources

1. [Farside Bitcoin flow table](https://farside.co.uk/btc/) — reopened 6 October 2026; original provider of the tabulated observations.
2. [Farside Ether flow table](https://farside.co.uk/eth/) — reopened 6 October 2026; same five session dates.
3. [iShares Bitcoin Trust ETF 2025 annual report](https://www.ishares.com/us/literature/annual-filings/ibit-1231.pdf) — reopened 6 October 2026; Secondary Market Trading and Creation and Redemption of Shares sections. Historical product mechanism, not October flow corroboration.