U.S. spot Bitcoin exchange-traded funds began July on a weak note, recording $296 million in net outflows on July 1. This extended a redemption streak to seven consecutive sessions. BlackRock’s IBIT remained the primary exit point, shedding $219.4 million, while Fidelity’s FBTC lost $51 million, ARK 21Shares’ ARKB saw $39.9 million in outflows, and Grayscale’s GBTC redeemed $62.8 million. A few smaller products attracted demand—MSBT added $29.8 million and Grayscale’s lower-fee BTC product gained $36.3 million—but those inflows were insufficient to offset the selling pressure. Since June 23, Bitcoin ETFs have hemorrhaged roughly $2.47 billion, reinforcing a cautious institutional stance.
The broader picture was not entirely one-sided. Ethereum ETFs posted $14.8 million in net inflows, with BlackRock’s ETHA leading at $36.6 million. This helped counter redemptions from Grayscale’s ETH product and minor outflows from ETHB and FETH. Solana ETFs eked out a $0.5 million net gain: Bitwise’s BSOL drew $4 million while Grayscale’s GSOL lost $3.5 million. The data points to asset-specific rotation rather than a wholesale exit from crypto products, though Bitcoin ETF outflows continue to dominate sentiment.
