Key Takeaways
- • U.S. spot Bitcoin ETFs recorded net outflows of $265.4 million on July 31, 2026, reversing a $233.1 million inflow from the prior session, with BlackRock's IBIT leading redemptions at $122.7 million.
- • Ethereum ETFs posted a modest $9 million net inflow for the day, driven almost entirely by BlackRock's staked Ether fund (ETHB), which attracted $15.4 million despite the broader crypto market weakness.
- • BlackRock's ETHB, which offers a trailing 30-day staking rewards rate of 1.67%, cannot be treated as confirmation of a sustained capital rotation from Bitcoin to Ethereum based on a single day of concentrated inflows.
- • The broader 10-session window from July 20–31 showed Ethereum funds gaining $113.8 million while Bitcoin funds lost $27.6 million, but the most recent five-session period (July 24–30) reversed this trend, with Bitcoin losing $36.2 million and Ethereum losing $69.7 million.
- • IBIT's net assets remained at approximately $546.1 million on July 31, with a NAV decline of 2.85% to $24.04 despite the day's inflow, indicating persistent valuation pressure across the spot Bitcoin product suite.
Summary
U.S. spot Bitcoin ETFs experienced significant redemption pressure on July 31, 2026, posting net outflows of $265.4 million after reversing course from the prior session's $233.1 million inflow. The decline was broad-based, with all major Bitcoin products displaying flat or negative performance. BlackRock's iShares Bitcoin Trust (IBIT) led the outflows with $122.7 million in redemptions, followed by Fidelity's FBTC at $54.8 million and Grayscale's GBTC at $52.6 million. Smaller players BITB and ARKB each shed $17.8 million and $17.5 million, respectively, underscoring the depth of institutional and retail selling pressure across the Bitcoin ETF complex.
Ethereum-focused products posted a marginal $9 million net inflow on the same trading day, but this figure masks significant concentration risk. BlackRock's iShares Staked Ethereum Trust (ETHB) accounted for nearly all positive flow with a $15.4 million inflow, while competing products—FETH, ETHW, and Grayscale's mini Ether trust—collectively lost $6.4 million. The ETHB inflow is contextualized by its trailing 30-day staking rewards rate of 1.67%, which likely attracted yield-focused capital. However, a single day of concentrated inflows into one product does not establish evidence of a sustained rotation from Bitcoin to Ethereum, as the publisher notes.
The broader flow landscape presents mixed signals. Over the five trading sessions from July 24–30, Bitcoin funds posted $36.2 million in combined outflows while Ethereum products shed $69.7 million, suggesting shared weakness rather than directional capital rotation. Conversely, the longer 10-session window spanning July 20–31 showed Ethereum funds accumulating $113.8 million in net inflows while Bitcoin funds lost $27.6 million, offering more favorable data for Ether advocates. IBIT's net assets of approximately $546.1 million as of July 31 reflected broader valuation headwinds, with a 2.85% NAV decline to $24.04 despite the day's inflow, signaling that price depreciation outpaced new capital deployment.
Ethereum-focused products posted a marginal $9 million net inflow on the same trading day, but this figure masks significant concentration risk. BlackRock's iShares Staked Ethereum Trust (ETHB) accounted for nearly all positive flow with a $15.4 million inflow, while competing products—FETH, ETHW, and Grayscale's mini Ether trust—collectively lost $6.4 million. The ETHB inflow is contextualized by its trailing 30-day staking rewards rate of 1.67%, which likely attracted yield-focused capital. However, a single day of concentrated inflows into one product does not establish evidence of a sustained rotation from Bitcoin to Ethereum, as the publisher notes.
The broader flow landscape presents mixed signals. Over the five trading sessions from July 24–30, Bitcoin funds posted $36.2 million in combined outflows while Ethereum products shed $69.7 million, suggesting shared weakness rather than directional capital rotation. Conversely, the longer 10-session window spanning July 20–31 showed Ethereum funds accumulating $113.8 million in net inflows while Bitcoin funds lost $27.6 million, offering more favorable data for Ether advocates. IBIT's net assets of approximately $546.1 million as of July 31 reflected broader valuation headwinds, with a 2.85% NAV decline to $24.04 despite the day's inflow, signaling that price depreciation outpaced new capital deployment.
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