It was not a great Thursday for crypto ETF bulls. U.S. spot Bitcoin and Ethereum ETFs shed a combined $310.62 million in net outflows on July 24, with institutional money exiting both products in a single day of coordinated selling pressure.
Bitcoin ETFs bore the brunt of it, recording approximately $240.1 million in net outflows. Ethereum ETFs followed with around $70.7 million in redemptions.
BlackRock led the selling
Here’s the thing about these outflow numbers: they were not spread evenly across issuers. BlackRock’s IBIT, the largest Bitcoin ETF by assets, accounted for roughly $212 million of the Bitcoin outflows alone.
On the Ethereum side, BlackRock’s ETHA product drove approximately $52.8 million of the outflows, making it the primary source of redemptions within that category as well.
