Three weeks is not a long time in crypto. But for Bitcoin spot ETFs, a three-week inflow streak was enough to feel like a turning point. That streak is now over.

U.S. spot Bitcoin ETFs recorded $61.53 million in net outflows on the most recent trading day, according to data from SoSoValue.

Context: What came before this

From May through June 2026, U.S. spot Bitcoin ETFs bled more than $8 billion in cumulative outflows, with June alone accounting for roughly $4.5 billion in redemptions. Bitcoin had peaked at approximately $126,000 in October 2025, then fell below $60,000.

Then July arrived and the mood shifted. Inflows of approximately $273 million came in over two weeks, followed by a five-day stretch that brought in $727 million.

Who’s moving the money

BlackRock’s IBIT remains the dominant force in this product category. Since launching in January 2024, IBIT has accumulated roughly $62 billion in cumulative inflows.

Grayscale’s GBTC, on the other hand, has been the primary source of redemption pressure throughout the ETF era. The product launched as a converted trust with built-up holders who had been locked in for years. Many of them used the ETF conversion as their exit ramp, and the selling has been a consistent drag on aggregate flow numbers ever since.

Total cumulative net inflows for spot Bitcoin ETFs since their January 2024 launch stand at approximately $53.9 billion.

What this means for investors watching ETF flows

A single day of $61.53 million in outflows after three weeks of inflows is not a catastrophe. In percentage terms, it is a rounding error relative to the total assets sitting in these products.

Arbitrage unwinds, where traders had entered basis trades around ETF flows, have also added mechanical selling pressure that has nothing to do with fundamental views on Bitcoin.

Spot Ethereum ETFs, which launched after Bitcoin’s, are drawing allocator attention and potentially capturing flows that might otherwise have gone into Bitcoin products.