Coin Metrics revises 19 months of ETF wallet data but by how much?

Coin Metrics announced a correction to more than 19 months of on‑chain data related to Bitcoin exchange‑traded funds (ETFs). The revision covers the period from February 7 2025 through September 17 2026 and affects a range of daily and hourly series that track ETF activity on the Bitcoin blockchain.

Scope of the correction

The September 22 notice lists 35 daily series and 25 hourly series that were updated. These include metrics for ETF deposits, withdrawals, transfer counts, transaction volumes, net‑flow, and supply measures. The data represent observations of blockchain addresses that Coin Metrics identifies as ETF‑owned, not official fund accounting records.

Methodology behind the metrics

Coin Metrics defines an ETF deposit as assets sent to an address it has identified as belonging to an ETF during a given interval. Dollar‑denominated deposit flows are derived from native‑unit flows using the provider’s PriceUSD metric. Withdrawals are counted when assets leave the control of identified ETF addresses, with change outputs excluded to avoid double‑counting.

The transaction‑count metric includes only transactions involving the identified ETF addresses, making it a minimum estimate of activity. The supply series tracks the amount of Bitcoin held by these addresses.

Implications for users of the data

The notice does not disclose the cause of the recalculation, the direction of the changes, or any before‑and‑after values. Consequently, analysts who have stored the affected daily or hourly values, or who have built models, charts, or research using this data, may need to backfill the corrected history and rerun their analyses.

The correction does not affect unrelated ETF analysis that relies on other data sources, and it does not represent a revision of official issuer records.

What remains unknown

Until Coin Metrics provides detailed deltas or a fuller explanation, the magnitude of the adjustments remains unclear. The provider has indicated that a broad slice of its ETF‑wallet picture was changed, but the public has not been shown how much the figures moved.