Coin Metrics corrected more than 19 months of Bitcoin ETF-related on-chain data, leaving analysts who relied on the affected information to reassess their work.
According to a Sept. 22 status notice, the correction covers Bitcoin data from Feb. 7, 2025 through Sept. 17, 2026. The update affects 35 daily series and 25 hourly series used to track activity at addresses Coin Metrics identifies as ETF-owned, including deposits, withdrawals, transfer counts, transactions, net flows, and supply measures.
What was corrected
Coin Metrics' data represents provider-derived observations of blockchain activity at identified ETF addresses rather than official ETF share-creation, redemption, or fund-accounting records. The company's deposit methodology defines an ETF deposit as assets sent to an identified ETF address during an interval, with dollar-denominated flows calculated using its PriceUSD metric. Withdrawal data excludes change outputs—coins returned to the same fund cluster are not counted as separate inflows.
What remains unclear
Coin Metrics did not disclose what caused the recalculation. The notice provides no before-and-after values, aggregate differences, percentage changes, or indication of whether revisions generally raised or lowered figures. The company did not identify the largest adjustment or specify which research may have been affected.
Implications for analysis
Wallet movements cannot be treated as a one-to-one proxy for authorized-participant creations or redemptions, as Coin Metrics measures attributed blockchain activity while the regulated fund process concerns orders for ETF shares. Anyone who stored the affected daily or hourly values or used them in models, charts, or research covering the corrected interval may need to backfill the history and rerun that work.
Until Coin Metrics publishes detailed deltas or a fuller explanation, the scope of the public impact remains unclear.
