Coin Metrics has corrected more than 19 months of Bitcoin ETF-related on-chain data, forcing users of its identified-wallet series to revisit or rerun analyses built on the affected history. The correction covers Bitcoin data from Feb. 7, 2025 through Sept. 17, 2026, according to a Sept. 22 status notice, and affects 35 daily series and 25 hourly series, including ETF deposits, withdrawals, transfer counts and transactions. Daily net-flow and supply measures were also listed.
The provider stressed that the figures are derived from blockchain addresses Coin Metrics identifies as ETF-owned, rather than official ETF share-creation, redemption or fund-accounting records. The notice did not state what caused the recalculation, nor did it provide before-and-after values, aggregate differences or percentage changes. It also did not say whether revisions generally raised or lowered the figures. Coin Metrics measures attributed blockchain activity, while the regulated fund process concerns orders for ETF shares, including the in-kind mechanism permitted under the SEC’s July 2025 approval.
Coin Metrics’ methodology defines an ETF deposit as assets sent to an ETF-owned address during an interval, with dollar-denominated flows calculated from native-unit flows using its PriceUSD metric. Withdrawals count assets leaving identified ETF addresses, and Bitcoin withdrawals exclude change outputs so coins returned to the same fund cluster are not counted as a separate inflow. The company notes its ETF transaction-count metric includes only identified ETFs and addresses, making that metric a minimum potential value.
Separately, a Bitwise survey highlighted that long-term Bitcoin ETF allocators largely held their positions despite a roughly 50% market drawdown. Many investors reportedly added to their ETF holdings during the downturn. In contrast, hedge funds and retail investors were identified as the largest sellers of Bitcoin ETFs over the past year, according to data shared by commentator James Seyffart.
The divergence suggests lasting conviction among longer-horizon investors even as short-term participants apply selling pressure. Traders are watching whether Bitcoin can reclaim resistance near $65,000, with ETF investor behavior likely to influence market direction.
