BlackRock's IBIT, Fidelity's FBTC Drive $265M Bitcoin ETF Outflows as Ether ETFs Turn Positive

U.S. spot bitcoin ETFs flipped back to net redemptions on July 31, logging $265.4 million in outflows after taking in $233.1 million a day earlier. The pullback was led by BlackRock's iShares Bitcoin Trust (IBIT), which saw $122.7 million leave the fund, and Fidelity's Wise Origin Bitcoin Fund (FBTC), which shed $54.8 million. Together the two products made up roughly two-thirds of the day's total outflow. The reversal followed a strong July 30 session, when spot bitcoin ETFs attracted $233.1 million in net inflows. IBIT accounted for $183.4 million of that total, about 79%. Bitwise's BITB added $20.7 million and Fidelity's FBTC brought in $15.5 million, with inflows also recorded across products tied to Morgan Stanley, VanEck, Grayscale, and Ark 21Shares, according to Bitcoin.com News. IBIT's net assets slipped to $46.52 billion on July 31 from $47.67 billion the prior day, while the fund still held an estimated 739,066 BTC. The move underscored how quickly flows can swing even in the largest vehicles. Spot ether ETFs moved the other way on July 31, posting about $9.03 million in net inflows. BlackRock's iShares Ethereum Trust (ETHA) again led contributions, extending a run in which ether-linked products have outperformed their bitcoin counterparts on several recent sessions. Bitcoin.com News also pointed to rotation beyond ether, noting XRP-linked ETFs have topped $1 billion in combined assets, reflecting broader institutional interest in altcoin-related products as bitcoin ETF flows remain choppy. Market watchers have tied ETHA's repeat leadership to renewed demand for ether's role in tokenization and stablecoin settlement, rather than bitcoin's more established store-of-value narrative. The July 31 outflows also fit a longer trend. U.S. spot bitcoin ETFs recorded their third consecutive quarter of net outflows in Q2 2026, even as category assets under management held near $105 billion. The worst day on record came in May 2026, when IBIT alone saw roughly $528 million exit. Uncertainty around Washington's crypto policy direction, including stalled ethics negotiations tied to the CLARITY Act, has contributed to a more cautious stance among some institutional allocators. With IBIT still the largest fund in the segment, its day-to-day flows are likely to remain the key driver for sentiment across the spot bitcoin ETF market heading into August.