ETF Fund Sentiment Index
CEFI (Crypto ETF Flow Index) tracks whether money is flowing into or out of crypto ETFs.
Index for Fri 16 Oct 2026 · flows through Fri 16 Oct 2026 (T+1)
34Fear−4 vs yesterday
Index components
Each on the same 0–100 scale- FlowToday's net flow, smoothed · 40%32
- TrendNet flow over 20 trading days · 30%64
- BreadthShare of funds with inflows · 30%7
Today's CEFI reading is in Fear (20–40). Net flows are negative; flow-based sentiment is cautious.
This reflects flow data only; combine with other analysis. Not financial advice. Net flows of all 16 assets are added up in dollars. Three parts are scored against the past year: today's flow (40%), the 20-day trend (30%) and breadth, the share of funds with inflows (30%). Zero flow is 50; a typical inflow day scores about 69, a typical outflow day about 31. How it’s built ↓
CEFI history
90 days: from 34 (Fear, 11 Jun) to 34 · 42 days in Greed or above · 50 = neutral
CEFI — Crypto ETF Flow Index
Line: daily CEFI value · background: zones · one point per trading day · BTC price, for context only
What moved the index
Latest net flow by asset, through Fri 16 Oct 2026, $M. These are the flows CEFI reads — one composite, not per-asset indexes.
 NEAR | +$2.6M |
|---|---|
 Hyperliquid | 0 |
 Avalanche | 0 |
 Dogecoin | 0 |
 Litecoin | 0 |
 Sui | 0 |
 Polkadot | 0 |
 BNB | 0 |
 Tron | 0 |
 Chainlink | −$0.4M |
 Hedera | −$0.6M |
 Zcash | −$1.2M |
 XRP | −$2.5M |
 Solana | −$12.7M |
 Ethereum | −$69.7M |
 Bitcoin | −$82.4M |
Flows enter the index in dollars, so each asset counts in proportion to the money moving through its funds. A date next to an asset marks its last reported day.
Breadth: how many funds are buying
Share of Bitcoin ETFs with net inflows on the day
0%0 of 12 funds · Mon 19 Oct
Wed 22 JulMon 19 Oct
Share of funds with net inflows. One of the three parts of the index, 30% of the weight. Bitcoin funds only. The index uses its own breadth across funds on all 16 assets.
How to Interpret Today's CEFI Value
Five zones on one 0–100 scale. Zero net flow is 50; the number compares the latest flows with the past year. It does not forecast prices.
| Range | Zone | What it means |
|---|---|---|
| 0–19 | Extreme fear | Heavy outflows across most funds, far above a typical outflow day. |
| 20–39 | Fear | Net outflows. |
| 40–59 | Neutral | Inflows and outflows roughly balance out. |
| 60–79 | Greed | Net inflows. |
| 80–100 | Extreme greed | Heavy inflows across most funds, far above a typical inflow day. |
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.
Full methodology
CEFI is built from daily net flow data (inflows minus outflows) for spot ETFs on all 16 assets we track: Bitcoin, Ethereum, Solana, XRP, Hyperliquid, Dogecoin, Chainlink, Avalanche, Hedera, Litecoin, BNB, Polkadot, Sui, NEAR, Tron and Zcash. The set of funds includes the largest and most liquid products, such as those issued by BlackRock, Fidelity, Grayscale, Bitwise, VanEck, 21Shares, Canary and other major providers. Only spot ETF flows are used; leveraged or inverse products are excluded.
Every trading day we add up the net flows of every spot ETF on all 16 assets, in dollars, so each asset counts in proportion to the money moving through its funds. Three parts are scored: today's flow, smoothed to reduce noise (40%); the net flow of the last 20 trading days (30%); and breadth, the share of funds with inflows (30%). Each part is compared with the past year: zero flow scores 50, a typical inflow day about 69 and a typical outflow day about 31. Inflows and outflows are measured against their own typical size, using the median, so a single record day does not distort the scale. The index is the weighted average of the three parts, from 0 to 100.
Breadth is the share of funds with net inflows among all funds that moved money that day. It separates a broad move, where most funds attract money, from one driven by a few large funds. It is one of the three parts of CEFI and carries 30% of the weight.
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).
CEFI — Crypto ETF Flow Index 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.
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.
- Context, not prediction. Use CEFI to see whether flow-based sentiment is stretched (e.g. extreme fear or greed). Does not predict price.
- Combine with other inputs. Pair with trend, volatility, and fundamental analysis. One indicator among many.
- Mean reversion awareness. Extreme readings can flag periods when sentiment may mean-revert; they do not guarantee reversal.
- Institutional lens. Complements traditional fear & greed by focusing on actual ETF flows, not social or volatility signals.
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.
- Crypto investors — Sizing exposure and monitoring flow-based sentiment.
- ETF traders — Tracking flow trends and institutional positioning.
- Analysts — Building dashboards and reports with a rules-based sentiment metric.
- Journalists — Covering inflows, outflows, and institutional narrative.
- Developers — Integrating CEFI via API for apps and data products.
Update Frequency and Limitations
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. 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.
Frequently Asked Questions about the CEFI Index
What is CEFI (Crypto ETF Flow Index) and how is it calculated?
CEFI is a 0–100 sentiment index based only on daily net flows into spot crypto ETFs across all 16 tracked assets. It reflects actual capital movement, not price or volatility. Flows are added up in dollars and scored in three parts: today's flow (40%), the 20-day trend (30%) and breadth, the share of funds with inflows (30%). Zero net flow scores 50; higher values mean stronger inflows (greed), lower values mean stronger outflows (fear).
How do I interpret the CEFI index value?
Values 0–20 are typically interpreted as extreme fear (strong outflows), 20–40 as fear, 40–60 as neutral, 60–80 as greed, and 80–100 as extreme greed (strong inflows). These bands are a convention for readability; the exact meaning depends on the underlying flow distribution and should be used together with other data.
How often is the CEFI index updated?
The index is updated daily, once new ETF flow data for the prior trading day are available.
How does CEFI differ from the Bitcoin Fear and Greed Index?
The Bitcoin Fear and Greed Index typically uses volatility, volume, and social or survey data. CEFI uses only ETF flow data: actual inflows and outflows of spot crypto ETFs across all 16 tracked assets. So CEFI measures flow-based, institutional-oriented sentiment and can diverge from volatility or social sentiment.
How can I use the CEFI index when making investment decisions?
Use CEFI as one input among many. Extreme readings can highlight periods of stretched flow-based sentiment. The index is not a buy or sell signal and should be combined with your own analysis and risk management. This is not financial advice; always do your own research and consider professional advice.
Which ETF funds are included in CEFI?
CEFI uses spot ETFs on all 16 assets we track: Bitcoin, Ethereum, Solana, XRP, Hyperliquid, Dogecoin, Chainlink, Avalanche, Hedera, Litecoin, BNB, Polkadot, Sui, NEAR, Tron and Zcash. Issuers include BlackRock (e.g. IBIT), Fidelity (e.g. FBTC), Grayscale (e.g. GBTC), Bitwise (e.g. BITB), VanEck, 21Shares, Canary, Invesco and others. The exact list is updated as new funds are listed.
Is there a separate CEFI index for each asset?
No — CEFI is a single composite index across all 16 assets we track. Flows are added up in dollars, so each asset counts in proportion to the money moving through its funds. For numbers on one asset, open that asset's flow page.
Can CEFI be used to forecast Bitcoin or Ethereum price?
No. CEFI reflects current and recent flow-based sentiment. It does not predict future flows or prices. Strong inflows can coincide with rising prices, but many other factors drive prices. Use CEFI as a context indicator, not as a standalone forecasting tool.
Is the CEFI index free to use?
The current index value and basic historical view are available for free on this site. Historical data exports, API access, or other features may be subject to separate terms or pricing; check the API or pricing pages for details.
Flows behind the index
Latest net flow by asset, through Fri 16 Oct 2026