Bitcoin ETFs see $265 million in outflows on July 31

The US spot Bitcoin ETFs ended the month of July with a significant setback. On 31 July, these funds jointly recorded a net outflow of $265 million, with BlackRock’s IBIT making the largest contribution to the negative balance. The Bitcoin price stood at around $62.972 at that moment and is now trading at $63K, a decline of 1.3% over the past 24 hours.

Bitcoin is available at OKX and Bybit.

In short:

• Spot Bitcoin ETFs recorded a net outflow of $265 million on 31 July.
• BlackRock’s IBIT accounts for $123 million of that outflow.
• Spot Ethereum ETFs, on the other hand, showed a modest inflow of more than $9 million.

BlackRock’s IBIT leads the outflow

Among all Bitcoin ETFs, BlackRock’s IBIT takes the crown when it comes to outflows. The fund saw as much as $123 million leave on 31 July, representing almost half of the total daily outflow. That is striking, because IBIT had in fact regularly topped the inflow figures in recent months.

The charts show that July has been a volatile month for the Bitcoin ETFs. After a series of green days around early July, when hundreds of millions in inflows came in, sentiment turned in the final week of the month. A day earlier, on 30 July, the same funds still attracted $233 million, making the reversal all the more striking.

Ethereum ETFs swim against the tide

While Bitcoin ETFs are experiencing outflows, the spot Ethereum ETFs showed a positive picture on the same day. In total, $9 million flowed in, with BlackRock’s Ethereum fund ETHB making the largest contribution with an inflow of more than $15 million.

The fact that Ethereum ETFs still attract money on a day with negative Bitcoin sentiment is an interesting signal. The Ethereum price has shown a strong rise of 31% over the past period, which may generate more interest in the associated ETF. The total asset value of all Bitcoin ETFs combined currently stands at $76.29 billion.