What Is This Index?
Prices can rise while ETF flows are negative—or the other way around. CEFI (Crypto ETF Flow Index) shows whether money is actually moving into or out of spot crypto ETFs across all 16 tracked assets, on a 0–100 scale. Lower values mean net outflows (fear); higher values mean net inflows (greed).
The ETF Fund Sentiment Index (CEFI) is a 0–100 sentiment indicator based only on net flows into spot crypto ETFs across all 16 tracked assets: Bitcoin, Ethereum, Solana, XRP, Hyperliquid, Dogecoin, Chainlink, Avalanche, Hedera, Litecoin, BNB, Polkadot, Sui, NEAR, Tron and Zcash. It reflects actual capital movement, not price action, volatility, or social sentiment. Unlike fear-and-greed indices that use volatility or surveys, CEFI uses only daily net flow data from spot crypto ETF products, so you see whether institutional and retail money is flowing in or out. The "composite" number combines flows across all 16 assets into one gauge of broad crypto ETF sentiment. Use it as a flow-based complement to traditional fear and greed indicators.
How CEFI Works
Data inputs
Daily net flows from spot crypto ETFs across all 16 tracked assets; major issuers included. Spot only.
Calculation overview
Dollar flows across all 16 assets, scored in three parts: today's flow, 20-day trend, breadth. Zero flow = 50.
Breadth: how many funds are buying
Share of funds with net inflows. One of the three parts of the index, 30% of the weight.
Why Crypto ETF Sentiment Matters
Spot crypto ETFs — 16 assets and counting — are a major channel for institutional and retail exposure. Flows reflect real capital decisions. Flow-based sentiment adds information that price or volatility alone may not capture.
Spot crypto ETFs, now listed on 16 different assets, have become a major channel for institutional and retail exposure to crypto. Flows into and out of these funds reflect real capital decisions: buying and redeeming shares. As a result, flow-based sentiment can add information that price or volatility alone do not capture. Strong, persistent inflows often coincide with rising confidence and risk appetite; sustained outflows can signal caution or de-risking. For analysts and traders, a crypto ETF sentiment index offers a transparent, rules-based way to track this dimension of market psychology and to compare it with other indicators, such as the traditional Bitcoin Fear and Greed Index.
CEFI vs Bitcoin Fear and Greed Index
CEFI uses only ETF flow data; the traditional Bitcoin Fear and Greed Index uses volatility, volume, and social or survey data. The two can diverge.
| Dimension | CEFI | Bitcoin Fear & Greed Index |
|---|---|---|
| Primary input | ETF net flow data (inflows minus outflows) | Volatility, volume, social/survey data |
| What it measures | Actual money moving in and out of spot crypto ETFs across 16 assets | Sentiment inferred from price action and surveys |
| Can diverge | Yes | Yes |
| Best used with | Traditional fear & greed for fuller picture | CEFI for flow-based institutional view |
The well-known Bitcoin Fear and Greed Index (e.g. Alternative.me) scores sentiment from volatility, volume and social or survey data. CEFI uses only ETF flow data: it reflects actual money moving in or out of spot crypto ETFs across all 16 tracked assets, not sentiment inferred from price action or social buzz. The two can diverge — flows can stay positive while volatility is high, or turn negative while social sentiment is still greedy — so reading both gives a fuller picture of market psychology and institutional behavior.
How to Use CEFI in Investment Decisions
This index is not investment advice. Use as one input among many; do your own research and seek professional advice where appropriate.
Who Is This Index For?
CEFI (combined flows across all 16 tracked assets) is for anyone who cares about crypto ETF flows: investors sizing exposure, traders monitoring flow trends, analysts building dashboards, and journalists covering inflows and outflows. The index is free to view on this site; historical data and API access may be offered via separate terms or pricing.
How to Interpret Today's CEFI Value
Today's ETF Flow Sentiment is Neutral (40–60). Inflows and outflows roughly balance out.
This reflects flow data only; combine with other analysis. Not financial advice.
Data Sources and Limitations
Data sources
Public regulatory filings, issuer disclosures, and widely used data providers. Same type of data institutions use.
Flow and holdings data are sourced from public regulatory filings, fund issuer disclosures, and widely used financial data providers. We do not use private or proprietary order flow; the inputs are the same type of data that institutions and researchers use to analyze ETF flows.
Update frequency
Daily, after prior trading day's ETF flow data is available.
CEFI is a single composite index across all 16 tracked assets. It is updated daily, once the ETF flow data for the prior trading day is available.
Limitations
US-listed spot crypto ETFs on 16 assets only. Past flows do not guarantee future flows or prices.
CEFI covers only US-listed spot crypto ETFs on the 16 assets we track. It does not include other crypto products, derivatives, or off-chain flows. For the eleven newest assets the daily flow is computed from issuer filings rather than taken from an aggregator, so a fund can appear a day late. Past flow behavior does not guarantee future flows or asset prices. The index is a summary statistic and can be influenced by a small number of large funds.
Disclaimer
Informational and educational only. Not investment, financial, legal, or tax advice. See Disclaimer and Terms.
This page and the CEFI index are for informational and educational purposes only. They are not investment, financial, legal, or tax advice. Nothing here is a recommendation to buy, sell, or hold any security or cryptocurrency. You are solely responsible for your investment decisions. For full terms, see our Disclaimer and Terms of Service. Disclaimer Terms of Service.