Coin Metrics revises 19 months of Bitcoin ETF wallet data

Coin Metrics corrected on-chain data tied to addresses it identifies as Bitcoin ETF-owned, covering Feb. 7, 2025 through Sept. 17, 2026. The firm’s Sept. 22 status notice listed 35 affected daily series and 25 affected hourly series.

The notice lists affected series including ETF deposits, withdrawals, transfer counts, transactions, net-flow and supply measures. Coin Metrics did not disclose the cause of the recalculation, before-and-after values, aggregate deltas, percentage changes, whether corrected values are higher or lower, or which series saw the largest adjustments.

The corrected figures are provider-derived observations of blockchain activity for addresses Coin Metrics attributes to ETFs. Coin Metrics defines an ETF deposit as assets sent during an interval to an address it identifies as ETF-owned and converts native-unit flows to dollars using its PriceUSD metric. For Bitcoin withdrawals, Coin Metrics excludes change outputs so coins returned to the same fund cluster are not counted as separate outflows. The ETF transaction-count metric covers only ETFs and addresses the firm has identified, making that metric a floor rather than a comprehensive total.

The update applies to Coin Metrics’ Network Data product and not to issuer filings or regulator records. Authorized-participant creations, redemptions and fund accounting occur through regulated processes and can include in-kind mechanisms; the U.S. Securities and Exchange Commission approved spot Bitcoin ETFs in July 2025 under rules that permit such mechanisms. On-chain wallet movements therefore do not equal official creation or redemption records.

Anyone who stored daily or hourly values from the corrected interval, or used them in models, charts or published research, may need to backfill the history and rerun calculations. Coin Metrics has not published deltas or a fuller explanation that would let users measure how the corrected values change past analyses. The firm provides market and network data APIs, analytics and research, and users of the affected datasets are awaiting further detail from Coin Metrics.