Key Highlights

  • iShares Bitcoin Trust ETF (NASDAQ:IBIT) reported net assets of about USD 67.6 billion on Oct 2, roughly 61.8% of the USD 109.3 billion held by all US spot bitcoin ETFs on our calculation, with a sponsor fee of 0.25%.
  • Fidelity Wise Origin Bitcoin Fund (CBOE:FBTC) charges 0.25% and is custodied by Fidelity Digital Assets, giving investors an in-house custody model that differs from the Coinbase-based arrangements used by several rivals.
  • iShares Ethereum Trust ETF (NASDAQ:ETHA) held about USD 9.8 billion on Oct 2 as ether ETFs lost USD 17.3 million after a USD 55.4 million outflow the day before, while the fund does not offer staking rewards.
  • Bitwise Bitcoin ETF (NYSEARCA:BITB) charges 0.20% including custody and held about USD 3.18 billion on Oct 1, making it the cheapest of the four, although flows for individual funds on Oct 2 are not verified here.

1. iShares Bitcoin Trust ETF (NASDAQ:IBIT): The Scale Leader

iShares Bitcoin Trust ETF (NASDAQ:IBIT) is the dominant product in the group. According to the issuer, net assets were USD 67,589,503,046 as of Oct 2, which is about USD 67.6 billion and roughly 61.8% of the USD 109.3 billion total for US bitcoin ETFs (our calculation, with the group figure possibly reflecting a slightly different cut-off). The sponsor fee is 0.25%, which on that asset base equates to about USD 169 million a year before any waivers, our estimate. The flow backdrop matters for any fund of this size. US bitcoin ETFs took in a net USD 29.3 million on Oct 2, after USD 102.7 million on Thursday Oct 1 and an outflow of USD 148.7 million on Sept 30. Adding those three days gives a net outflow of USD 16.7 million, which is small against USD 109.3 billion. We do not have verified daily flows for individual funds, so we make no claim about how much of the Oct 2 inflow reached iShares Bitcoin Trust ETF (NASDAQ:IBIT). Scale brings liquidity, with the issuer showing a median bid-ask spread of 0.02%. Cumulative net inflows for US bitcoin ETFs stand near USD 57.6 billion, and the group's assets are about 1.9 times that figure, implying cumulative gains on top of money invested.

2. Fidelity Wise Origin Bitcoin Fund (CBOE:FBTC): The Custody Story

Fidelity Wise Origin Bitcoin Fund (CBOE:FBTC) is the second large US spot bitcoin product, and its distinguishing feature is custody. The fund page states that bitcoin is held by Fidelity Digital Assets, National Association, an affiliate-run custody solution. That contrasts with funds using third-party custodians and is relevant for investors who weigh counterparty structure alongside cost. The expense ratio is 25 basis points, equal to 0.25% as of the fund's August 2024 disclosure, which matches the iShares bitcoin fund and sits 5 basis points above Bitwise. On a hypothetical USD 100,000 holding, the gap between 0.25% and 0.20% is USD 50 a year (our calculation). Net assets are not given on the page we reviewed, so we do not state a size. The fund is described as a passive structure holding 100% bitcoin. It is available through brokerage, trust and tax-advantaged accounts. Daily flows for Fidelity Wise Origin Bitcoin Fund (CBOE:FBTC) on Oct 2 are not verified in our material, so none are cited. What can be said is that the category extended a cooling pattern after the strongest weekly inflow of 2026 in late September, and every spot bitcoin fund shares the same price exposure to a market that touched about 87,230 and settled near 85,200.

3. iShares Ethereum Trust ETF (NASDAQ:ETHA): The Weaker Flow Day

iShares Ethereum Trust ETF (NASDAQ:ETHA) gives spot ether exposure, and Oct 2 was a softer session for the category. US ether ETFs recorded a net outflow of USD 17.3 million after USD 55.4 million went out the day before, which is USD 72.7 million over two sessions on our calculation. Ether traded near USD 2,714 on Saturday against bitcoin near 85,200, a ratio of about 0.032 (our calculation). According to the issuer, net assets were USD 9,794,984,561 as of Oct 2, about USD 9.8 billion, and the sponsor fee is 0.25%. That makes iShares Ethereum Trust ETF (NASDAQ:ETHA) about one seventh the size of the iShares bitcoin fund on our math. The issuer notes that this fund does not offer staking rewards. A separate product, the iShares Staked Ethereum Trust ETF (ETHB), is offered for investors who want staking benefits, so the yield question is handled by a different fund. Across the wider tracked group, XRP funds lost USD 3.3 million while Solana and Hyperliquid funds added USD 1.3 million and USD 3.4 million, leaving a net USD 13.4 million inflow.

4. Bitwise Bitcoin ETF (NYSEARCA:BITB): The Lowest Fee

Bitwise Bitcoin ETF (NYSEARCA:BITB) is the cost leader of the four, listed on NYSE Arca with a sponsor fee of 0.20% that includes custody charges. Net assets were USD 3,184,139,742 as of Oct 1, about USD 3.18 billion, or roughly 2.9% of the USD 109.3 billion category total, though the dates differ so treat the share as approximate. On that base the annual fee is about USD 6.4 million, our estimate. The structure uses Bank of New York Mellon as trust custodian and administrator, with Coinbase Custody Trust Company holding the digital assets. The fund had 69.74 million shares outstanding and about 0.000543 bitcoin per share, which implies roughly 37,900 bitcoin held on our calculation, worth about USD 3.2 billion at USD 85,200. That cross-check is consistent with the reported asset figure. For investors, the choice among these funds is mostly about fees, liquidity and custody, since all track the same asset. Bitwise Bitcoin ETF (NYSEARCA:BITB) trades about 830,876 shares a day as of Sept 30, far below the larger funds. Seasonality is the wider context: October has been positive in about 10 of the last 13 years (77%), though October 2025 ended near 4.0% lower.

Where Things Stand

The answer to why so much capital produced so little net flow is that the day was a pause, not a reversal. US bitcoin ETFs added USD 29.3 million against USD 109.3 billion in assets, about 0.03% on our calculation, while ether funds lost USD 17.3 million. iShares Bitcoin Trust ETF (NASDAQ:IBIT) holds the bulk of assets, Fidelity's fund stands out for custody, the iShares ether fund lacks staking, and Bitwise charges the least. Bitcoin held near 85,000 to 87,000 after failing to stay above 87,000, and September's gain of about 9% set a higher bar for Uptober, where the record is 7 positive out of 9 from 2017 to 2025 with a median of 10.9%. Rates, jobs data and flows now carry more weight. This is not investment advice.