Bitcoin ETFs add $222M, but BlackRock sees outflows – Why it matters

After ten days of net outflows, Bitcoin [BTC] spot ETFs saw a $222 million net inflow on the 2nd of July, marking a positive turn.

With $166 million, Fidelity’s FBTC saw the largest inflows, followed by Ark’s Invest ARKB with $91.8 million.

However, BlackRock’s IBIT, which usually ranks the highest in both inflows and outflows, failed to record inflows. According to Farside Investors data, IBIT recorded outflows worth $40.4 million on the 2nd of July. 

Details of the 10-day outflow streak

In total, the BTC ETFs saw outflows totaling $2.709 billion over the last ten days. The highest outflows were recorded by BlackRock’s IBIT. Remarkably, Morgan Stanley’s MSBT, a relatively new player in the market, managed to sustain a longer inflow streak than other industry titans. 

Even though ETFs eventually saw a change from outflows to inflows, the price action followed a similar pattern but failed to reclaim above the $65k price level. Before the outflow trend began, the BTC was trading at about $67k. Over the past  ten days, the price fell below $60K, touching $58K. At the time of writing, however, it had rebounded to about $62,713.

This implies that although fresh institutional purchasing has assisted in keeping prices stable, it hasn’t been potent enough to start a complete recovery just yet.

Other altcoin ETF performance analysis

As expected, Ethereum [ETH] ETFs followed a similar pattern, posting outflows for nine consecutive days. Then, on the 1st and 2nd of July, they recorded inflows of $14.8 million and $29.08 million, respectively. 

In this case too, BlackRock’s ETHA saw the maximum outflows. On the other hand, the price of ETH was trading at $1,750 and had recovered to $1,755.91. 

However, this pattern has not been observed in other altcoin ETFs. Solana [SOL] ETFs, for instance, saw outflows of $6.4 million and inflows of $14.3 million. Additionally, the XRP ETFs experienced $3.69 million in outflows and $47.43 million in inflows. Meanwhile, the HYPE ETF experienced $3.01 million in withdrawals and $120.83 million in inflows. 

This further coincided with Artemis’ most recent reading, that assets under management across U.S. crypto ETFs have fallen to a level last observed in November 2024. 

Final Summary

• Bitcoin ETF was finally able to break its 10-day outflow streak, but the price action was unable to break past the $65k price level.
• While Ethereum ETFs exhibited a similar pattern as Bitcoin ETFs, other altcoin ETFs recorded more inflows in the same period.