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TCB ETF Absorption Index

TCB Proprietary Index · Updated Daily

TCB ETF Absorption Index

▼ -8.37days of mined supply
Strong Distribution2026-07-01

US spot Bitcoin ETFs released 8.37 days worth of supply back to the market today through net outflows. More coins are reaching the open market than miners produced.

Net Flow Today-$222.6M
BTC Equivalent-3,767 BTC
BTC Spot Price$59,086
Net Flow, 5 Sessions-$2.06B · 0/5 up

Where It Stands Today

● NOWStrong Distributionbelow −1
Mild Distribution−1 to 0
Mild Accumulation0 to +1
Strong Accumulationabove +1

What This Index Measures

Every day, Bitcoin miners produce roughly 450 new BTC (3.125 BTC per block across 144 blocks, the issuance rate set after the April 2024 halving). The TCB ETF Absorption Index measures how many days of that production the US spot Bitcoin ETFs absorbed or released on a given day.

A reading of +2.8 means the funds bought the equivalent of 2.8 days of new supply. A reading of −1.4 means net outflows pushed 1.4 days worth of supply back onto the market. It reframes raw dollar flows into the one question that matters for price: how does ETF demand compare to the new coins hitting the market each day?

How TCB Computes It

absorption = (net_daily_USD_flow / BTC_price) / 450 BTC
Net flow in BTC is the daily net USD flow from Farside Investors divided by the BTC spot price from CoinGecko.
Daily mined supply is fixed at 3.125 BTC per block times 144 blocks, which equals 450 BTC.
The index divides net flow in BTC by 450, so the result reads in days of supply.

Data sources: Farside Investors for ETF flows and CoinGecko for the BTC price. Computed every morning at 6 AM UTC.

Index Readings, Last 14 Days

Date Index Net Flow Status
2026-07-01 ▼ -8.37 -$222.6M Strong Distribution
2026-06-30 ▼ -8.63 -$231.0M Strong Distribution
2026-06-29 ▼ -16.55 -$444.5M Strong Distribution
2026-06-28 ▼ -16.51 -$444.5M Strong Distribution
2026-06-27 ▼ -16.43 -$444.5M Strong Distribution
2026-06-26 ▼ -25.69 -$691.7M Strong Distribution
2026-06-25 ▼ -16.95 -$469.0M Strong Distribution
2026-06-24 ▼ -4.02 -$113.8M Strong Distribution
2026-06-23 ▼ -2.40 -$68.3M Strong Distribution
2026-06-22 ▼ -3.14 -$90.7M Strong Distribution
2026-06-21 ▼ -3.14 -$90.7M Strong Distribution
2026-06-20 ▼ -3.17 -$90.7M Strong Distribution
2026-06-19 ▼ -3.22 -$90.7M Strong Distribution
2026-06-18 ▼ -2.86 -$82.2M Strong Distribution

Interpretation Guide

Above +3.0 Extreme accumulation. The funds are soaking up several days of new supply at once. Historically lines up with sharp price appreciation.
+1.0 to +3.0 Strong accumulation. Structural demand is comfortably ahead of new issuance.
0 to +1.0 Mild accumulation. The funds are taking in only a fraction of daily issuance.
−1.0 to 0 Mild distribution. Small net outflows are releasing supply back to the market.
Below −1.0 Strong distribution. Meaningful supply is reaching the market through fund redemptions.

TCB ETF Absorption Index is a proprietary metric computed daily by The Central Bulletin. Source data: Farside Investors, CoinGecko. Updated every day at 6 AM UTC.