U.S. spot Bitcoin ETFs recorded $61.53 million in net outflows on their most recent trading session, ending a three-week run of net inflows, according to data from SoSoValue.
The reversal follows a rough stretch in May and June, when the same funds shed more than $8 billion combined, with June alone accounting for roughly $4.5 billion in redemptions as BTC slid from an October 2025 peak near $126,000 to under $60,000. Sentiment turned in July: inflows of about $273 million arrived over two weeks, then a five-day run added another $727 million.
BlackRock‘s IBIT remains the category’s dominant fund, with roughly $62 billion in cumulative inflows since its January 2024 launch. Grayscale‘s GBTC has been the persistent counterweight, as long-time trust holders who converted into the ETF structure continue treating it as an exit vehicle. Across all twelve funds, total net inflows since launch stand at approximately $53.9 billion.
Traders point to mechanical rather than directional selling pressure: unwinding of cash-and-carry basis trades, where funds buy spot exposure while shorting CME futures to capture a premium, can register as an outflow with no real change in market conviction. Spot Ether ETFs, which have drawn growing allocator interest in recent months, may also be absorbing capital that would otherwise have gone into Bitcoin products.
Underlying data suggest net outflow days have grown more common as the category matures: negative-flow sessions made up 31% of trading days in 2024, 40% in 2025, and 54% so far in 2026, per a TFTC Bitcoin ETF flow tracker — a sign that two-way institutional trading, not one-way accumulation, now defines the space. A single down day after three weeks of gains isn’t a meaningful shift on its own; the bigger question is whether July’s recovery in flows holds once basis-trade positioning settles.
