Coin Metrics revises 19 months of Bitcoin ETF wallet data

Coin Metrics corrected over 19 months of Bitcoin ETF-related on-chain data, affecting its identified-wallet series. The correction, announced on Sept. 22, covers Bitcoin data from Feb. 7, 2025 to Sept. 17, 2026, including 35 daily series and 25 hourly series related to ETF deposits, withdrawals, transfer counts, and transactions. The daily series also includes net-flow and supply measures. The adjustments are based on blockchain addresses identified as ETF-owned, not on official ETF records. The notice does not specify the cause of the recalculation or provide before-and-after values, aggregate differences, or percentage changes. It remains unclear whether the revisions increased or decreased the figures, or which adjustments were the largest. Coin Metrics' deposit methodology defines an ETF deposit as assets sent to identified ETF addresses, while withdrawals exclude change outputs. The correction impacts users who relied on the affected Coin Metrics series for analysis, requiring them to reassess their work. The notice does not indicate any changes to unrelated ETF analysis.

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