TCB PROPRIETARY INDEX — updated daily
TCB ETF Absorption Index
-7.59 days of mined supply
Strong Distribution — 2026-06-11
A positive reading means US spot Bitcoin ETFs absorbed more BTC than miners produced that day. A negative reading means net outflows released supply back to the market.
What This Index Measures
Every day, Bitcoin miners produce approximately 450 new BTC (3.125 BTC per block, 144 blocks per day, post-April 2024 halving). The TCB ETF Absorption Index measures how many days of that production the US spot Bitcoin ETFs absorbed or released on any given day.
A reading of +2.8 means ETFs bought the equivalent of 2.8 days of new supply. A reading of -1.4 means net outflows released 1.4 days worth of supply back to the market.
This metric matters because raw dollar flow figures obscure the structural supply dynamic. The relevant question is not how many dollars moved, but how that dollar figure compares to the new supply hitting the market daily.
How TCB Computes It
Formula: net_flow_BTC / daily_mined_supply
- Net flow BTC = net daily USD flow (Farside Investors) / BTC spot price (CoinGecko)
- Daily mined supply = 3.125 BTC/block × 144 blocks/day = 450 BTC
- Index = net_flow_BTC / 450
Data sources: Farside Investors for ETF flows, CoinGecko for BTC price. Computed daily by TCB at 6 AM UTC.
Index Readings — Last 14 Days
| Date | Index Value | Status | Net Flow |
|---|---|---|---|
| 2026-06-11 | -7.59 | Strong Distribution | -$213.9M |
| 2026-06-10 | -2.77 | Strong Distribution | -$77.4M |
Interpretation Guide
- Above +3.0: Extreme accumulation. ETFs are absorbing multiple days of new supply. Historically associated with rapid price appreciation.
- +1.0 to +3.0: Strong accumulation. Structural demand exceeds new supply.
- 0 to +1.0: Mild accumulation. ETFs absorbing a fraction of daily issuance.
- -1.0 to 0: Mild distribution. Small net outflows releasing supply.
- Below -1.0: Strong distribution. Significant supply hitting the market from ETF redemptions.
TCB ETF Absorption Index is a proprietary metric computed daily by The Central Bulletin. Methodology and historical data updated every trading day. Source data: Farside Investors, CoinGecko.