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.
