BOLD functional MRI (fMRI) data are dominated by low frequency signals, many of them of unclear origin. We have recently shown that some portions of the low frequency oscillations found in BOLD fMRI are systemic signals closely related to the blood circulation (Tong et al. [2013]: NeuroImage 76:202–215). They are commonly treated as physiological noise in fMRI studies. In this study, we propose and test a novel data‐driven analytical method that uses these systemic low frequency oscillations in the BOLD signal as a tracer to follow cerebral blood flow dynamically. Our findings demonstrate that: (1) systemic oscillations pervade the BOLD signal; (2) the temporal traces evolve as the blood propagates though the brain; and, (3) they can be effectively extracted via a recursive procedure and used to derive the cerebral circulation map. Moreover, this method is independent from functional analyses, and thus allows simultaneous and independent assessment of information about cerebral blood flow to be conducted in parallel with the functional studies. In this study, the method was applied to data from the resting state scans, acquired using a multiband EPI sequence (fMRI scan with much shorter TRs), of seven healthy participants. Dynamic maps with consistent features resembling cerebral blood circulation were derived, confirming the robustness and repeatability of the method. Hum Brain Mapp 35:5471–5485, 2014. © 2014 Wiley Periodicals, Inc.