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BTC 
ETH Bitcoin takes a breather after strong gains
The U.S. spot Bitcoin ETF reported a net outflow of US$225 million on Thursday, July 24, ending a previous seven-consecutive trading day of capital inflows, one of the strongest inflow cycles in the category in months. Selling pressure was highly concentrated on BlackRock's iShares Bitcoin Trust (code: $IBIT), which contributed $202.5 million in total redemptions.
The reversal comes after a recovery period in which Bitcoin ETF attracted nearly US$1 billion in inflows for seven consecutive trading days, the strongest consecutive gains in 11 weeks. July was expected to be the first month since April to achieve net inflows, but the overall situation remains challenging. Data showed that in June alone, investors withdrew $4.51 billion from these funds, while purchases since July only recovered about 15% of their losses.
The concentration of capital outflows in $IBIT on Thursday was particularly eye-catching. BlackRock's fund has long been regarded as the main indicator of large institutions 'holdings in Bitcoin ETFs. When $IBIT takes the lead in selling (such as a redemption of $202.5 million on July 24), it usually signals that one or more important holders are reducing exposure, rather than a collective exit of retail investors. Other funds had smaller outflows, including Fidelity's FBTC outflow of $5.6 million, Bitwise's BITB outflow of $7 million, and ARK21 Shares's ARKB outflow of $4.3 million. Morgan Stanley's MSBT was the only Bitcoin fund to record significant inflows, attracting $5 million.
Compared with the total asset size of the Bitcoin ETF of US$78.8 billion, a single-day outflow of funds is more like a noise than a trend signal. However, for asset allocators who focus on position signals, the source of the noise has important implications in itself.
Ethereum ETF maintains momentum
On the same day, the spot Ethereum ETF presented a completely different picture. The category posted a net inflow of funds for the fifth consecutive trading day, totaling $26.3 million, with Fidelity's $FETH leading the way with $14.9 million, followed by BlackRock's ETHA with an inflow of $8.5 million. Currently, the total net assets held by the Ethereum ETF as a whole are approximately US$10.3 billion.
The divergence between the two asset classes is a detail that asset allocators may focus on. Some analysts described Thursday's capital flow as a controlled rotation of funds shifting from Bitcoin exposure to Ethereum products rather than withdrawing completely from the crypto ETF market. If Ethereum continues to gain buying support during a week of weak Bitcoin performance, it will mark a major shift in the way institutions allocate risk between the two major digital asset ETF classes.
Whether Thursday's outflows from Bitcoin will be a one-day break or the beginning of a broader reversal will largely depend on the performance of subsequent trading days.
