Where tokenized capital moved between chains.
One issuer moved $171.4M between chains in a single day — and the fund barely changed size.
Every chain read once a day on one definition, aligned by date. Aggregators publish a fund’s total and its current split — neither shows the movement between them.
$17.60B
−$1.18B · -6.3% in 30 days
106
72 moved 5% or more of their supply between chains.
18
BNB Chain +$190.1M in 30 days
$171.4M
BUIDL · Jul 18 — the fund itself changed +$19.0M that day.
Flows — 01 · The fund lens
XYLD — supply by chain
$151K total · 2 chains · 93.5% of supply changed chains in 54 days
OCB Flows
XYLD — supply by chain
Per-chain supply with the fund total overlaid (dashed). Without the total, a rotation between chains would read as a redemption.
No single day moved $25M or more between XYLD’s chains within the measured window — its 93.5% of moved supply accrued in smaller daily shifts.
Where it sits now · holder structure by chain
The same dollars, in very different hands.
| Chain | Supply | Share | Addresses | Top 1 | Top 5 | Avg position |
|---|---|---|---|---|---|---|
| BNB Chain | $151K | 99.9% | 12 | 73.3% | 100.0% | $13K |
| Ethereum | $183 | 0.1% | 7 | 70.7% | 100.0% | $26 |
COUNTS ARE ONCHAIN ADDRESSES, NOT INVESTORS — a custodian’s omnibus wallet is one address holding for many clients. We record the top 100 holders per chain, so a count shown as 100+ has a tail we cannot see. Raw observations from 2026-09-27, not the scored concentration dimension — the methodology scores concentration on a fund’s primary chain only. A chain whose collector lags shows its own last snapshot, marked with its age, for up to 7 days — after that the chain is omitted and the gap is investigated rather than silently carried.
Flows — 02 · The leaderboard
How much of each fund changed chains.
Each fund is measured from the first day every one of its chains was observable, so the windows differ — this ranks behavior, not a common period. Select a row to inspect the fund above.
| Fund | Moved | Chains | Fund change | Quality score | Most concentrated chain | Days | |
|---|---|---|---|---|---|---|---|
| XYLD | 93.5% | 2 | +48911.8% | — | — | 54 | |
| DTCR | 93.4% | 3 | +358.8% | — | — | 54 | |
| BAI | 91.7% | 3 | +1133% | — | — | 54 | |
| BOTZ | 91.6% | 3 | +707% | — | — | 54 | |
| META | 81.9% | 3 | -6.3% | — | Solana · 91% / 20 addr | 57 | |
| BLCR | 78.8% | 2 | +68136.8% | — | — | 54 | |
| SOXX | 75.6% | 3 | -9.6% | — | — | 54 | |
| FXI | 74.3% | 3 | +3101.3% | — | BNB Chain · 37% / 3850+ addr | 54 | |
| USTBLSpiko | 73.3% | 5 | +5.1% | 69DEVELOPING | Arbitrum · 43% / 200+ addr | 72 | |
| INRO | 72.4% | 2 | +72587% | — | — | 54 | |
| VBILLVanEck | 72.3% | 4 | -70.2% | 51LIMITED | BNB Chain · 97% / 2 addr | 72 | |
| DRAM | 67.9% | 3 | -38% | — | Ethereum · 72% / 16 addr | 54 | |
| CLOI | 64% | 3 | -71.7% | 49LIMITED | — | 47 | |
| EWJ | 62% | 3 | +168.1% | — | — | 54 | |
| BUIDLBlackRock | 60.6% | 8 | -21.2% | 61DEVELOPING | Optimism · 100% / 2 addr | 77 | |
| SOXL | 59.9% | 3 | -17.9% | — | — | 54 | |
| AMZN | 56.3% | 3 | -43.8% | — | BNB Chain · 54% / 100+ addr | 57 | |
| PAVE | 53.6% | 3 | -25.9% | — | — | 54 | |
| INDA | 45.2% | 3 | +19.1% | — | — | 54 | |
| MRVL | 42.3% | 3 | +1.5% | — | Ethereum · 68% / 100+ addr | 57 | |
| MU | 40.1% | 3 | +18.5% | — | Solana · 97% / 20 addr | 57 | |
| PSQ | 39.3% | 3 | -25.1% | — | — | 54 | |
| DYNF | 38.6% | 2 | +78452.6% | — | — | 54 | |
| CORO | 37.9% | 2 | +69735.6% | — | — | 54 | |
| TQQQ | 37.9% | 3 | -10.1% | — | BNB Chain · 94% / 24 addr | 54 | |
| GOOGL | 35.2% | 3 | -8.6% | — | BNB Chain · 54% / 2005+ addr | 57 | |
| EUTBLSpiko | 34.5% | 6 | -22.9% | 78INSTITUTIONAL | Etherlink · 100% / 4 addr | 74 | |
| AVGO | 33.1% | 3 | -14.4% | — | Ethereum · 48% / 101+ addr | 57 | |
| IGV | 32.2% | 2 | +492.4% | — | — | 54 | |
| KWEB | 29.5% | 3 | +42.2% | — | — | 54 | |
| QTUM | 29.5% | 3 | +89.1% | — | — | 54 | |
| ECH | 27.9% | 3 | +47.8% | — | — | 54 | |
| SOXQ | 27.4% | 3 | +3.2% | — | — | 54 | |
| INTC | 27.3% | 3 | +42.2% | — | Ethereum · 73% / 101+ addr | 57 | |
| VTI | 26.7% | 3 | +32.4% | — | — | 54 | |
| AMD | 26% | 3 | +11.6% | — | Ethereum · 36% / 100+ addr | 57 | |
| TBILLOpenEden | 24.5% | 5 | +60.3% | 63DEVELOPING | BNB Chain · 100% / 1 addr | 72 | |
| VNQ | 24% | 3 | +213.7% | — | — | 54 | |
| AAPL | 23.1% | 3 | +8.5% | — | BNB Chain · 60% / 100+ addr | 57 | |
| MSFT | 22% | 3 | -25.4% | — | BNB Chain · 48% / 100+ addr | 57 | |
| IYW | 21.7% | 2 | -56.3% | — | — | 54 | |
| EFV | 21.5% | 3 | +16% | — | — | 54 | |
| ITA | 20.5% | 3 | -15.6% | — | — | 54 | |
| IDEF | 20% | 2 | +5.7% | — | — | 54 | |
| ORCL | 20% | 3 | -16.4% | — | BNB Chain · 61% / 100+ addr | 57 | |
| OUSGOndo Finance | 19.6% | 2 | -21.6% | 64DEVELOPING | XRP Ledger · 73% / 4 addr | 76 | |
| NVDA | 19% | 3 | +7.2% | — | Solana · 98% / 20 addr | 57 | |
| SLV | 18.4% | 3 | +5.7% | 66DEVELOPING | BNB Chain · 87% / 37 addr | 54 | |
| SQQQ | 17.4% | 3 | -12.4% | — | — | 54 | |
| MSTR | 16.9% | 3 | +68% | — | BNB Chain · 69% / 101+ addr | 57 | |
| TSLA | 16.1% | 3 | +18.3% | — | BNB Chain · 37% / 100+ addr | 57 | |
| COIN | 15.3% | 3 | +21.6% | — | BNB Chain · 68% / 100+ addr | 57 | |
| QQQ | 15.3% | 3 | -2.9% | — | BNB Chain · 74% / 64 addr | 54 | |
| CLOA | 15% | 3 | +83.7% | 49LIMITED | — | 54 | |
| DGRW | 14.8% | 3 | -22.7% | — | — | 54 | |
| PDD | 14.5% | 3 | -23.4% | — | BNB Chain · 34% / 101+ addr | 57 | |
| ORBX | 14.4% | 2 | +36.8% | — | — | 54 | |
| TSM | 13.2% | 3 | -2.8% | — | Ethereum · 60% / 100+ addr | 57 | |
| SGOVOndo Finance | 12.3% | 3 | +6.4% | 65DEVELOPING | Ethereum · 99% / 18 addr | 50 | |
| IVV | 12.2% | 3 | +0.3% | — | Ethereum · 48% / 10 addr | 54 | |
| VDE | 11.8% | 2 | +21.8% | — | — | 54 | |
| EWZ | 11.6% | 3 | +4.4% | — | — | 54 | |
| SHLD | 11.6% | 2 | -28.4% | — | — | 54 | |
| USO | 11.4% | 3 | -5.2% | 66DEVELOPING | Ethereum · 61% / 49 addr | 16 | |
| CRCL | 10.9% | 3 | +19.8% | — | BNB Chain · 79% / 103+ addr | 57 | |
| HYG | 10.6% | 3 | +5.8% | 49LIMITED | — | 54 | |
| XTBTOpenTrade | 10.3% | 2 | -19.4% | — | — | 107 | |
| IAU | 9.7% | 3 | -17.5% | 66DEVELOPING | Ethereum · 94% / 10 addr | 54 | |
| BENJIFranklin Templeton | 7.9% | 7 | -12.1% | 84INSTITUTIONAL | Aptos · 100% / 1 addr | 76 | |
| EWY | 7.4% | 3 | +4.8% | — | — | 54 | |
| JAAAAnemoy Capital | 6.1% | 2 | -29.6% | — | Base · 100% / 1 addr | 14 | |
| VTV | 5.1% | 3 | -0.2% | — | — | 54 | |
| SPY | 4.8% | 3 | +1.2% | — | Solana · 88% / 20 addr | 54 | |
| USTBSuperstate | 4.7% | 3 | -19.7% | 65DEVELOPING | Plume · 100% / 2 addr | 73 | |
| HIMS | 4.4% | 3 | +13.4% | — | Solana · 73% / 20 addr | 57 | |
| XAUMMatrixdock | 3.7% | 4 | +4.6% | 52LIMITED | Solana · 88% / 20 addr | 72 | |
| AIQ | 3.6% | 3 | +18.1% | — | — | 54 | |
| USDYOndo Finance | 3.3% | 8 | +0.7% | 68DEVELOPING | Arbitrum · 99% / 97 addr | 31 | |
| iBENJIFranklin Templeton | 2.9% | 2 | -0.4% | — | BNB Chain · 100% / 4 addr | 52 | |
| USYCHashnote | 2.7% | 2 | -11.5% | 55DEVELOPING | BNB Chain · 100% / 1 addr | 79 | |
| PALL | 2.5% | 3 | -4.2% | 66DEVELOPING | — | 15 | |
| TLTOndo Finance | 2.1% | 3 | -4.8% | 65DEVELOPING | Ethereum · 48% / 16 addr | 50 | |
| IJS | 1.6% | 3 | -6.9% | — | — | 54 | |
| WTGXXWisdomTree | 1.5% | 3 | +38.9% | 71INSTITUTIONAL | Ethereum · 83% / 63 addr | 109 | |
| SOFI | 1.4% | 3 | -3.5% | — | Ethereum · 38% / 80 addr | 57 | |
| IALT | 1.1% | 2 | +437.9% | — | — | 54 | |
| AGG | 0.7% | 3 | -2.2% | 49LIMITED | Ethereum · 33% / 54 addr | 54 | |
| ARGT | 0.7% | 3 | -7.3% | — | — | 54 | |
| IEMG | 0.7% | 3 | +4.8% | — | Ethereum · 35% / 6 addr | 54 | |
| mTBILLMidas | 0.6% | 2 | +52.1% | 63DEVELOPING | Ethereum · 29% / 100+ addr | 107 | |
| EEM | 0.4% | 3 | +3.5% | — | Ethereum · 64% / 80 addr | 54 | |
| EFA | 0.3% | 3 | -1.8% | — | Ethereum · 53% / 2 addr | 54 | |
| XAUTTether | 0.3% | 2 | +0.6% | 72INSTITUTIONAL | BNB Chain · 75% / 103+ addr | 79 | |
| IEFA | 0.2% | 3 | -1.7% | — | Ethereum · 90% / 9 addr | 54 | |
| IWM | 0.2% | 3 | -6.6% | — | Ethereum · 34% / 75 addr | 54 | |
| FFOG | 0.1% | 2 | +3.9% | — | — | 54 | |
| IJH | 0.1% | 3 | -5.8% | — | Ethereum · 48% / 30 addr | 54 | |
| IWF | 0.1% | 3 | +0.9% | — | Ethereum · 65% / 41 addr | 54 | |
| ACREDSecuritize | 0% | 5 | -0.1% | — | Avalanche · 100% / 1 addr | 31 | |
| FLQL | 0% | 2 | -0.2% | — | Ethereum · 100% / 7 addr | 54 | |
| INCE | 0% | 3 | -2.6% | — | Ethereum · 100% / 18 addr | 54 | |
| ITOT | 0% | 3 | -0.9% | — | Ethereum · 98% / 2 addr | 54 | |
| IWN | 0% | 3 | -4.8% | — | Ethereum · 64% / 33 addr | 54 | |
| JTRSYAnemoy Capital | 0% | 2 | -53.3% | 53LIMITED | Ethereum · 95% / 17 addr | 14 | |
| SECZ | 0% | 2 | +130.6% | — | Solana · 80% / 20 addr | 49 | |
| TIPOndo Finance | 0% | 3 | -2.3% | 65DEVELOPING | Ethereum · 100% / 1 addr | 50 |
Flows — 03 · By chain
Which chains gained fund supply — and which lost it.
Every fund we measure, summed by chain over 30 days. The drivers column is what keeps the aggregate honest — a chain can shed hundreds of millions because one commodity token repriced while treasury funds on the same chain grew.
| Chain | 30d net | Start | End | What drove it | |
|---|---|---|---|---|---|
| BNB Chain | +$190.1M | $2.71B | $2.90B | TBILL +$50.6MCRCL +$35.0MQQQ +$30.9MBUIDL +$30.4MMSTR +$29.7M | |
| Avalanche | +$160.4M | $772.3M | $932.6M | SECZ +$238.0MBUIDL −$77.5MXTBT −$278KBENJI +$105KVBILL +$2K | |
| Solana | +$145.6M | $1.51B | $1.66B | BUIDL +$101.5MMSTR.x +$15.4MCRCL.x −$8.2MGOOGL.x −$4.3MHOOD.x +$3.7M | |
| Robinhood Chain | +$36.9M | $20.1M | $57.0M | NVDA +$12.8MSPCX +$7.6MGOOGL +$5.3MAAPL +$3.6MTSLA +$3.2M | |
| Plume | +$1.4M | $2.2M | $3.5M | USTB +$1.4MXAUM −$7K | |
| Flare | +$1.2M | $15.4M | $16.6M | cUSDX +$1.2M | |
| Sei | +$761K | $258.4M | $259.2M | USDY +$761K | |
| Aptos | +$470K | $161.2M | $161.7M | BUIDL +$470K | |
| Optimism | +$70K | $26.4M | $26.5M | BUIDL +$70K | |
| Hedera | +$15K | $4.6M | $4.6M | ABUTF +$15K | |
| Ink | −$14K | $11.1M | $11.1M | ACRED −$14K | |
| Etherlink | −$34K | $1.8M | $1.7M | EUTBL −$34K | |
| XDCsince Sep 1 | −$71K | $3.4M | $3.3M | CGO −$71K | |
| Kinesis (KAG)since Sep 1 | −$351K | $238.6M | $238.2M | KAG −$351K | |
| Sui | −$533K | $15.2M | $14.7M | USDY −$533K | |
| Polygon | −$852K | $40.6M | $39.7M | BUIDL −$951KBENJI +$99K | |
| Base | −$1.3M | $63.3M | $62.0M | JSPX −$1.5MBENJI +$183KmTBILL −$1K | |
| Arbitrum | −$2.9M | $84.6M | $81.7M | USFR.d −$4.8MWTGXX +$2.1MUSDY −$510KBENJI +$147KSPY.d +$42K | |
| Monadsince Sep 1 | −$3.3M | $94.0M | $90.6M | AHYPER −$3.3M | |
| Stellar | −$5.1M | $31.7M | $26.5M | sgBENJI −$5.8MWTGXX +$696K | |
| Noble | −$7.7M | $14.1M | $6.4M | USDY −$7.7M | |
| XRP Ledger | −$9.3M | $30.2M | $20.9M | TBILL −$9.3M | |
| Mantle | −$28.2M | $28.6M | $367K | USDY −$28.2M | |
| Kinesis (KAU)since Sep 1 | −$39.2M | $585.2M | $546.0M | KAU −$39.2M | |
| Ethereum | −$952.0M | $9.55B | $8.60B | BUIDL −$574.7MJTRSY −$546.7MWTGXX +$203.9MXAUT +$108.8MUSTB −$99.7M |
A NET CHANGE IS NOT A VERDICT ON A CHAIN — it mixes new issuance, redemption, price moves on commodity-backed tokens, and issuers routing supply between their own deployments. Funds observed on only one endpoint of the window are excluded rather than shown as a flow.
Measured from
Ethereum Aug 5, 2026 · BNB Chain Aug 5, 2026. A band starting mid-chart means our measurement began — not that supply arrived. Movement is only measured from Aug 5, 2026, when all chains were observable (54 days).
What this is not
Movement between an issuer’s own deployments is not evidence of end-investor demand on either chain. We observe the routing; we do not infer why. Supply reads are block-stamped with NAV held constant, so a re-pricing cannot be mistaken for a flow.