US spot bitcoin ETFs posted roughly $225 million in net outflows in their first losing session since July 13, snapping a seven-day run of inflows that had pulled in close to $1 billion. BlackRock’s IBIT accounted for the bulk of the exit with about $202.5 million redeemed, followed by smaller outflows at Bitwise’s BITB and Fidelity’s FBTC. The reversal landed as US Treasury yields climbed to an 18-month high and bitcoin briefly slipped under $65,000, trading as low as $64,600 before recovering to around $65,403, according to CoinGecko.
A spot bitcoin ETF is an exchange-traded fund that holds actual bitcoin and gives investors price exposure through an ordinary brokerage account, without having to buy or custody the coin themselves.
Key takeaways
- Spot bitcoin ETFs recorded about $225 million in net outflows, ending a seven-day inflow streak.
- BlackRock’s IBIT led redemptions at roughly $202.5 million, with Bitwise and Fidelity also seeing exits.
- Ether ETFs diverged, adding about $26.3 million in a fifth straight day of inflows.
- The move tracked an 18-month high in Treasury yields as oil prices and US-Iran tension lifted rate-hike odds ahead of the July 28-29 Fed meeting.
Published: July 24, 2026, 16:00 UTC
What drove the outflows
The selling was less about crypto and more about rates. Rising oil prices and fresh tariff measures pushed inflation expectations higher, sending Treasury yields to their highest level in a year and a half. When government bonds pay more, institutional money tends to rotate out of risk assets, and spot bitcoin ETFs became an easy source of liquidity to trim.
Escalating tension between Washington and Tehran added to the caution, feeding a broader equity pullback the same day. The pattern suggests macro jitters, rather than a change in underlying crypto demand, drove the move. The week still ended net positive, with the funds holding roughly $274 million in inflows on a cumulative basis before the reversal. For context, the same products had just snapped a 10-day outflow streak with $222 million in fresh inflows earlier this month.
Why the divergence with ether matters
Not every crypto ETF followed bitcoin lower. US-listed spot ether ETFs extended their own inflow streak to five sessions, taking in about $26.3 million on the day. That split points to selective positioning rather than a wholesale retreat from digital assets.
Price action reflected the same divergence in miniature. Ether opened at $1,876.92 on Friday, down 2.9% from the prior session, while bitcoin traded about 1.6% lower. Both moves stayed within the range of a normal risk-off day, not a structural break. Traders had spent recent weeks positioning for a rebound, including a widely reported $2.5 billion options bet on a move toward $72,000.
What comes next
The near-term catalyst is the Federal Reserve. Policymakers meet July 28-29 under Chair Kevin Warsh, and markets are weighing whether rising oil and tariff-driven inflation force a more hawkish stance. Bitcoin has proven sensitive to Warsh’s messaging before, most recently when it reclaimed $60,000 after his inflation remarks.
Geopolitics is the wild card. Bitcoin has already dropped sharply on earlier US-Iran flare-ups this year, and any further escalation could keep pressure on both yields and risk assets. A single day of ETF outflows does not reverse a recovering trend, but it shows how quickly institutional flows swing when the macro backdrop shifts. Watch the daily flow data over the next week: sustained redemptions from IBIT would signal a deeper rotation, while a quick return to inflows would confirm this was a rates-driven pause.
Frequently asked questions
How much did bitcoin ETFs lose on the day?
US spot bitcoin ETFs recorded about $225 million in net outflows, their first negative session since July 13. BlackRock’s IBIT led with roughly $202.5 million redeemed, ending a seven-day inflow streak that had drawn close to $1 billion.
Why did the outflows happen?
Treasury yields hit an 18-month high as rising oil prices and tariff policy lifted inflation expectations. Higher bond yields pull institutional capital toward safer assets, and US-Iran tension added to a broader risk-off move across markets.
Did ether ETFs also see outflows?
No. US spot ether ETFs diverged from bitcoin, adding about $26.3 million in a fifth straight day of inflows. The split suggests selective institutional positioning rather than a broad exit from crypto funds.
Sources: CoinGape, Cryptonomist, Crypto Times, Yahoo Finance.
