Bitcoin News
The issuers shaping WisdomTree’s BTCW after September’s inflows
US spot Bitcoin ETFs pulled in $730.9 million on September 3. This single-day inflow marks the largest haul since January 14. Total net inflows for the four-day period from September 1 to September 4 reached $770 million. This rebound follows a $236.5 million outflow session on September 1. On September 2, ETFs recorded $101 million in inflows. On September 4, ETFs added another $174.6 million. BlackRock’s IBIT led the charge with $454 million on September 3. This fund holds $62.88 billion in cumulative net inflows and provides the tightest bid-ask spreads. ARK 21Shares’ ARKB saw $137.7 million in inflows. Fidelity’s FBTC recorded $74.4 million. Bitcoin cleared $82,000.
WisdomTree Bitcoin Fund (BTCW) holds $166,276,170 in assets as of September 14, 2026.
BTCW saw $5.2 million in outflows during the recent surge. This outflow contrasts with the $730.9 million inflow seen in the broader market. VanEck’s HODL recorded $19.6 million in outflows. HODL holds approximately $1.4 billion in assets.
The institutions managing BTCW liquidity
Flow Traders manages the Lead Market Maker role.
Authorized Participants like BNP Paribas and Morgan Stanley manage the creation and redemption of ETF shares by providing large baskets of securities or cash to the fund issuer in exchange for fixed amounts of creation units in the primary market. These institutions like UBS and Virtu Financial also perform Market Maker roles. They assemble creation baskets of securities to increase the number of outstanding shares. APs manage the supply of shares. They also interact with the fund directly to facilitate liquidity.
Many APs like ABN AMRO Clearing Bank N.V. and Commerzbank function as both Authorized Participants and Market Makers. These firms are US-registered, self-clearing broker-dealers and members of the National Securities Clearing Corporation and the Depository Trust Company. Other Market Makers including Cantor Fitzgerald, CitiGroup, Jane Street, and Nomura participate in the secondary market. You already know how APs maintain the connection between the fund and the secondary market. Will the current momentum sustain these high volumes? BTCW remains much smaller than BlackRock’s IBIT, which holds $70.6 billion.
Comparative fund specifications
| Ticker | Issuer | Expense Ratio | AUM (approx.) |
|---|---|---|---|
| BTCW | WisdomTree | 0.25% | $166M |
| HODL | VanEck | 0.20% (waived) | $1.4B |
| IBIT | BlackRock | 0.25% | $70.6B |
| FBTC | Fidelity | 0.25% | $13.2B |
| GBTC | Grayscale | 1.50% | $14.9B |
| ARKB | ARK/21Shares | 0.21% | $3.6B |
| BITB | Bitwise | 0.20% | $3.7B |
VanEck’s HODL fee reverts to 0.20% after the waiver expires.
The Bitcoin market fluctuates based on government regulation and investor sentiment. Bitcoin prices hit $82,000 following dovish signals from Fed Governor Christopher Waller. These signals removed headwinds for risk assets. The SEC approved 11 spot Bitcoin ETFs on January 10, 2024. Unlike mutual funds, ETF shareholders avoid transaction costs because APs manage the creation and redemption process. This mechanism prevents other holders from paying for the costs of new entrants.
Grayscale’s GBTC charges a 1.50% annual fee. This is much higher than the 0.15% fee of the Grayscale Bitcoin Mini Trust (BTC). For a $100,000 position held for five years, the difference between a 1.50% fee and a 0.19% fee exceeds $6,500. Bitcoin prices dropped 3,200% from $32 to $0.01 in 2011.
Investors must consider high volatility.
