Cryptocurrency Markets Aug 4 Spot ETP Flows: Combined Net Sales of $265mn Yesterday; BlackRock’s Products Account for ~80% of Daily Flows

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the

territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Cryptocurrency Markets

Aug 4 Spot ETP Flows: Combined Net Sales of $265mn

Yesterday; BlackRock’s Products Account for ~80% of

Daily Flows

We estimate U.S. spot Bitcoin ETP and U.S. spot ether ETP preliminary net sales

of $211mn and $53mn, respectively, on Tuesday, August 04, 2026. We estimate

that the U.S. spot Solana ETPs reported no net new flows yesterday.

Brokers, Asset Managers &

Exchanges

Kenneth B. Worthington, CFA AC

(1-212) 622-6613

U.S. Spot Bitcoin ETP Flows

We estimate U.S. spot Bitcoin ETP preliminary net sales of $211mn on Tuesday,

August 04, 2026. The net sales were primarily driven by BlackRock’s IBIT net

inflows of $170mn, accounting for ~81% of the group’s daily net flows. Fidelity’s

FBTC gathered $20mn yesterday, while Bitwise’s BITB and

ARKInvest/21Shares’ ARKB each gathered $9mn in net sales. Morgan Stanley’s

MSBT rounded out the group with net inflows of $4mn yesterday. The group’s

notional trading volumes declined sequentially to $1,567mn yesterday, still

tracking below the running daily average of ~$3,240mn/day since the January

2024 launch.

Madeline Daleiden

(1-212) 622-4911

Michael Cho

(1-212) 622-3619

J.P. Morgan Securities LLC

Table 1: JPMe August 4, 2026 BTC ETP Flows: BlackRock’s IBIT Again Drives (~81%) Group’s

Daily Net Sales of $211mn with a Few Other Contributors

U.S. Bitcoin Spot ETFs

August 4 Daily

Flows (JPMe)

Total Flows

(JPMe)

August 4 AUM

Seed Capital

Current Fee Rate

Fee Rate exWaiver

BlackRock

Fidelity

Bitwise

ARK / 21Shares

Invesco / Galaxy

CoinShares

Franklin Resources

VanEck

WisdomTree

Grayscale

$170

$20

$9

$0

$60,800

$10,114

$2,028

$3,218

$173

$263

$336

$1,619

$92

-$27,405

$47,650

$11,038

$2,371

$2,166

$355

$379

$371

$1,075

$143

$8,508

$10.0

$20.0

$200.0

$0.4

$5.1

$0.5

$2.6

$72.5

$2.5

$28,581.1

0.25%

0.20%

0.21%

0.25%

0.49%

0.19%

0.00%

0.30%

1.50%

0.25%

0.20%

…