Bitcoin ETFs attract $172M in July inflows, ending two months of brutal redemptions

Spot Bitcoin ETFs finally stopped the bleeding in July, pulling in $172.4 million in net inflows after two consecutive months of institutional investors heading for the exits. Year-to-date flows remain negative to the tune of $5.3 billion. A recovery built on fragile ground June was the real damage. The month saw $4.06 billion in net outflows from spot Bitcoin ETFs, the largest monthly redemption since these products launched in January 2024. To put that in perspective, July’s $172.4 million recovery claws back about 4% of what left in June alone. The composition of July’s inflows tells a familiar story. BlackRock’s IBIT did the heavy lifting, driving the bulk of positive flows during a stretch of seven consecutive inflow sessions around mid-July. That multi-day streak alone accounted for nearly $1 billion in cumulative inflows, meaning the rest of the month was essentially flat or negative to arrive at the $172.4 million net figure. Fidelity’s FBTC, typically the second-most popular product, showed signs of stagnation or outright decline in demand. Bitwise’s BITB rounds out the key issuer list, but the broader picture is one of concentration rather than broad-based enthusiasm. Why...