Fidelity Scoops $354M Bitcoin, ETH & SOL in 20 Days

Arkham posted the claim at 06:42 UTC on X. According to Farside Investors, FBTC net flows over the same window land near $237 million. So the gap runs close to $117 million.

What Arkham Posted

The post led with a bold line: “Fidelity has bought $354M of bitcoin.” Arkham then added two more figures. It said Fidelity’s funds also took in $66.6 million of ETH and $18.2 million of SOL.

Arkham framed all three as buying “over the past 20 trading days.” However, it did not publish a start date or an end date. As a result, readers cannot check the exact calendar Arkham used.

The natural 20-session window ends on 8 October, the last completed US session before the post. That window starts on 11 September. Both Farside and SoSoValue track these same sessions.

Context helps here. In the week ending 25 September, FBTC took in $701.7 million, its biggest week in months. That surge sits inside the 20-day window and lifts the running total.

Where the FBTC ETF Flows Numbers Diverge

Farside’s daily table tells a messier story than one clean number. FBTC saw a $310.7 million inflow on 18 September. Then it saw a $197.1 million outflow on 8 October.

Add every session from 11 September to 8 October and the net comes to about $237 million. That figure sits roughly $117 million below Arkham’s $354.1 million. In other words, the direction is right, but the size is not.

The last two sessions matter most here. FBTC bled $105.1 million on 7 October and $197.1 million on 8 October. So the window closed on heavy outflows, not fresh buying.

The contrast with BlackRock stands out too. On 8 October, IBIT shed just $5.5 million while FBTC lost $197.1 million. So the FBTC ETF flows carried most of that day’s category outflow.

Arkham did not say whether $354.1 million means net creations, gross creations, or an on-chain estimate. Because the method is undisclosed, the gap cannot be fully explained yet. OCT has flagged the difference rather than guessed at the cause.

The SOL Figure Matches, The Window Does Not

Not every number is off. The $18.2 million SOL figure matches Farside’s FSOL flows exactly. Fidelity’s spot Solana fund took in that sum between 21 September and 8 October.

Still, that run covers 14 sessions, not 20. So even the figure that lines up points to a different window than the headline claims. The ETH figure of $66.6 million also sits near, but not on, a 20-session Farside estimate of about $72 million.

FSOL launched on 18 November 2025 as Fidelity’s first staking crypto ETF, The Block reported. It charges a 0.25% fee plus a 15% staking fee. Therefore some SOL inflows could reflect staking mechanics, not only new creations.

Custody Is Not the ETF

Arkham’s reply linked its Fidelity Custody entity page. That dashboard shows 445,551 BTC worth about $36.72 billion. Yet that pool is not the FBTC ETF.

Fidelity Custody is a mixed omnibus. It holds ETF inventory alongside other client coins. By comparison, FBTC itself holds roughly 182,000 BTC worth $14.5 billion to $15.5 billion.

This distinction already trips up reposts. One account merged the $36.72 billion custody book with the ETF flow claim. As a result, the number looks far larger than FBTC actually controls.

The custody setup also makes Arkham’s job harder. FBTC’s coins sit mainly at Fidelity Digital Asset Services, an in-house custodian, per a filed prospectus. So creations show up inside Fidelity’s own vaults, not as a transfer from Coinbase Prime like most peers.

Two Opposite Headlines, Same Morning

The same morning produced the opposite story elsewhere. CryptoBriefing reported a viral claim that Fidelity “sold $197 million of bitcoin.” That claim was not confirmed as a corporate sale.

Both takes can be narrowly true at once. A 20-day net can stay positive even as the final sessions turn red. Meanwhile client coins moving inside custody are not sales at all.

On 29 September, Arkham analyst Emmett Gallic made that same point. He said a 3,568 BTC move from Strategy-linked wallets was an internal reallocation, not a sale. Yet the 9 October post leans the other way on the same custody stack.

What to Watch Next

Professional desks are not treating a 20-day sum as live buying. Flow accounts instead point at two straight FBTC outflow days. For now, the cleaner read is a fund that gave back gains into 8 October.

Watch whether Arkham publishes its exact dates and method. That single step would close most of the $117 million gap debate. Until then, traders should lean on dated Farside and SoSoValue prints, not a single viral figure.

None of this is financial advice. ETF flows shift daily, and a positive 20-day net does not promise more buying this week.