U.S. spot Bitcoin ETFs recorded $225.1 million in net outflows on July 23, ending seven consecutive trading sessions of positive flows. The reversal followed a run that brought more than $1 billion into the products between July 14 and July 22.
BlackRock’s iShares Bitcoin Trust accounted for $202.5 million of the daily withdrawals, making IBIT the largest source of redemptions during the session. Smaller outflows also affected funds operated by Fidelity, Bitwise, ARK, Franklin Templeton and WisdomTree.
IBIT Drives the Daily Reversal
Morgan Stanley’s MSBT was the only fund to record a net inflow, adding approximately $5 million. Farside places the product’s cumulative net inflows at roughly $431 million since launch.
IBIT remains the dominant U.S. spot Bitcoin ETF by historical net inflows, with Farside recording approximately $60.6 billion since inception. BlackRock’s official fund page listed IBIT net assets at about $48.07 billion as of July 23, reflecting the value of assets held rather than cumulative investor flows.
That distinction matters because cumulative inflows and current net assets measure different aspects of fund performance. Historical flows track capital entering or leaving the vehicle, while net assets also move with Bitcoin’s market price and the fund’s outstanding shares.
Ethereum ETFs Continue Their Positive Run
U.S. spot Ethereum ETFs moved in the opposite direction with $26.3 million in net inflows on July 23. The result extended their positive sequence to five consecutive trading sessions, with BlackRock, Fidelity and Bitwise products receiving capital that day.
The divergence suggests a temporary rotation between regulated crypto investment products, rather than a uniform withdrawal from digital asset ETFs. One negative Bitcoin session does not establish a sustained exit trend, particularly after seven straight days of inflows.
The July 23 result marks a pause in Bitcoin ETF accumulation rather than a confirmed reversal in institutional demand. The next useful indicators will be July 24 flows, whether IBIT redemptions continue and whether Ethereum products maintain their current inflow streak.