Institutional Bitcoin Demand: ETF Flows and the Coinbase Premium by Year
How much bitcoin spot ETFs bought in 2024, 2025 and 2026, the largest flow days and what the Coinbase premium said about US demand.
By Axel Adler Jr., Bitcoin on-chain analyst · Data from Jan 2024 to Nov 2, 2026
In short
- US spot bitcoin ETFs added 508,148 BTC in 2024 and 177,420 BTC in 2025.
- 2026 is the first year of net outflows: −13,845 BTC through Nov 2.
- The Coinbase premium, a gauge of US buying, was negative on 259 of 306 days in 2026 through Nov 2.
How much did ETFs buy each year?
| Year | Net flow | Outflow days | Largest inflow day | Largest outflow day |
|---|---|---|---|---|
| 2024 | +508,148 BTC | 79 of 254 | +18,098 (Nov 7) | −9,667 (May 1) |
| 2025 | +177,420 BTC | 104 of 257 | +10,306 (Jan 17) | −12,570 (Feb 25) |
| 2026* | −13,845 BTC | 102 of 210 | +11,533 (Sep 21) | −11,568 (Jun 25) |
*2026 to Nov 2, trading days.
Cumulative net flows peaked at 748,765 BTC on Oct 9, 2025, days after bitcoin's 2025 high. By Nov 2, 2026 they had fallen to 671,723 BTC.
Why track ETF flows in BTC?
Because a dollar figure rises with the price even when no new coins are bought. In BTC, flows show how many coins the funds took off the market. The ETF flow chart shows both.
What does the Coinbase premium add?
It compares the bitcoin price on Coinbase, used by many US institutions, with the price on offshore exchanges. A positive premium means US buyers pay more; a negative one means they are the sellers. Its yearly average was 0.06% in 2020 and 2021, about zero in 2024 and 2025, and −0.06% in 2026 through Nov 2.
How do the two read together?
ETF flows show what funds did; the premium shows the price pressure from US buyers overall. In 2024 ETF inflows were strong while the premium hovered around zero: funds bought, but other US sellers matched them. In 2026 both turned negative at once, which lines up with the weaker price.
FAQ
How much bitcoin did US spot ETFs hold in net flows on Nov 2, 2026?
671,723 BTC of cumulative net inflows since launch on Jan 11, 2024.
What was the Coinbase premium on Nov 2, 2026?
−0.15%: bitcoin traded slightly cheaper on Coinbase than offshore.
Where can I see ETF flows and the premium live?
On the ETF flow chart and the Coinbase Premium Index chart.
Related: Exchange reserve guide · Cash-and-carry guide · Liquidity & flows charts