US spot Bitcoin ETFs hemorrhaged $265.4 million on July 31, snapping a short-lived return to inflows. BlackRock’s iShares Bitcoin Trust, better known as IBIT, accounted for nearly half of the damage, posting $122.7 million in redemptions.

Just one day earlier, these same funds had attracted $233.1 million in net inflows, with IBIT alone pulling in $183.4 million.

The numbers behind the reversal

IBIT’s $122.7 million exit wasn’t even close to its worst day. That distinction belongs to a session in May 2026, when the fund recorded roughly $528 million in single-day outflows.

Fidelity’s FBTC came in second on the outflow leaderboard, shedding $54.8 million. Together, the two largest spot Bitcoin ETFs by assets were responsible for about $177.5 million of the day’s total withdrawals.

Despite the rough day, IBIT’s net assets still sat at approximately $46.52 billion as of July 31. That’s down from $47.67 billion the day before. The fund holds roughly 739,066 BTC.

A bigger pattern is forming

Q2 2026 marked the third consecutive quarter of net outflows for US spot Bitcoin ETFs as a group. The cumulative withdrawals in Q2 exceeded those in Q1.

July itself has been a case study in indecision. The month opened with a 10-day outflow streak that extended through July 2 and 3, followed by sporadic days of inflows. The July 30 inflow of $233.1 million briefly looked like it might signal a turning point. It didn’t.

Total assets under management across all US spot Bitcoin ETFs remained relatively stable near $105 billion as of Q2 2026. That $105 billion figure is worth contextualizing: when these ETFs launched in January 2024, AUM has since plateaued near $105 billion despite persistent outflows, suggesting that Bitcoin’s price appreciation has been offsetting share redemptions with mark-to-market gains.

What this means for investors

When ETFs experience sustained outflows, authorized participants redeem shares and sell the underlying Bitcoin. If this happens gradually, markets absorb it without much drama. If it accelerates, the selling pressure can create a feedback loop where falling prices trigger more redemptions, which trigger more selling.

IBIT remains the dominant player in the space, and $46.5 billion in net assets gives it a cushion that smaller competitors can only dream about. The fund has survived worse days, including that $528 million outflow in May, and bounced back.

Three consecutive quarters of outflows is a pattern, not an anomaly. The next catalyst to watch is whether Q3 breaks the streak. If outflows persist or deepen, the $105 billion AUM floor could start to crack.