By US-listed spot Bitcoin exchange-traded funds recorded a combined $181.3 million in net outflows on July 28, marking another day of institutional selling after a brief recovery earlier in the month. The outflows were led by BlackRock’s iShares Bitcoin Trust (IBIT), which lost $137.2 million, followed by Bitwise’s BITB with $24.8 million in redemptions. Smaller withdrawals were recorded across several other issuers, while Grayscale’s Bitcoin Mini Trust and Fidelity’s FBTC were broadly flat on the session.
Despite the latest outflows, cumulative assets under management remain well above the levels seen before the launch of spot Bitcoin ETFs, although the recent trend suggests institutions remain cautious ahead of key macroeconomic events, including this week’s Federal Reserve policy meeting. Spot Ether ETFs, meanwhile, continued their recent recovery, attracting $41.6 million in net inflows and extending their positive streak. BlackRock’s ETHA once again led the category with the largest inflow, while Fidelity’s FETH also attracted fresh capital. No major Ether ETF recorded significant net redemptions during the session.
Bitcoin Selling Persists as Investors Turn Defensive
The divergence in ETF flows reflects differing institutional positioning across the crypto market. Bitcoin has struggled to maintain momentum after falling back toward the $63,000–65,000 range, with investors trimming exposure as global equity markets weakened and uncertainty surrounding monetary policy increased.
Recent Bitcoin ETF inflows had recovered only a small portion of the billions of dollars withdrawn during May and June. The latest redemptions suggest many institutional investors remain reluctant to rebuild large positions until macroeconomic conditions become clearer. Analysts also noted that weaker ETF demand removes an important source of spot-market buying, potentially making Bitcoin more sensitive to broader risk-off sentiment.
Ether Continues to Attract Institutional Capital
Ether has continued to outperform from a fund-flow perspective. Although total Ether ETF assets remain substantially smaller than Bitcoin’s, the consistency of recent inflows suggests institutions are steadily increasing allocations following months of persistent selling. Growing interest in Ethereum’s role in tokenization, stablecoins and decentralized financial infrastructure has supported demand even as broader crypto prices remain volatile.
The contrasting ETF flows reinforce an important theme emerging across digital asset markets: institutional investors are becoming increasingly selective rather than treating cryptocurrencies as a single asset class. Whether Bitcoin resumes attracting fresh capital will likely depend on macroeconomic developments, ETF demand and broader market sentiment. For now, July 28 highlighted a market in which institutions continued reducing Bitcoin exposure while steadily adding to Ethereum positions through regulated investment vehicles.