US spot Bitcoin ETFs hemorrhaged roughly $296 million on July 1, marking another day of heavy redemptions in what has been a volatile stretch for crypto investment products. The one bright spot in the Bitcoin ETF universe was the Grayscale Bitcoin Mini Trust, which pulled in $36.3 million even as the broader category bled capital.
Meanwhile, Ethereum spot ETFs quietly did the opposite. They posted a net inflow of about $14.8 million on the same day, with BlackRock’s ETHA single-handedly contributing $36.6 million to that total.
The fee advantage is doing the heavy lifting
The Grayscale Bitcoin Mini Trust charges a 0.15% expense ratio, making it one of the cheapest ways to get Bitcoin exposure through a regulated fund. The Mini Trust launched on July 31, 2024, seeded with roughly 10% of the holdings from its much pricier older sibling, the Grayscale Bitcoin Trust (GBTC), which carried a 1.5% fee.
The Mini Trust has consistently attracted inflows during periods when other Bitcoin ETFs saw money walking out the door. July 1 was just the latest example. While every other Bitcoin ETF product was dealing with net redemptions that collectively reached nearly $300 million, the Mini Trust was quietly adding to its pile.
