U.S. spot Bitcoin ETFs recorded net outflows of $225.2 million on July 23, bringing a seven-session inflow streak to an abrupt halt. Ethereum ETFs, by contrast, attracted $26.32 million on the same trading day, according to data from SoSoValue.

U.S. spot Bitcoin ETFs recorded net outflows of USD 225 million on July 23, while spot Ethereum ETFs attracted USD 26.32 million, according to SoSoValue. Morgan Stanley's MSBT led Bitcoin fund inflows with USD 5.01… pic.twitter.com/AX0k8yLLfw — Wu Blockchain (@WuBlockchain) July 24, 2026

Bitcoin ETF Outflows Reverse Seven Sessions of Inflows

The July 23 redemptions followed nearly $1 billion in cumulative net inflows across the preceding seven sessions. Even after the daily reversal, the products retained approximately $274 million in weekly net inflows through July 23, marking a sharp single-day setback rather than a broadly negative week.

BlackRock's IBIT bore the brunt of the outflows, recording roughly $202.5 million in redemptions and accounting for the majority of the combined withdrawal, according to SoSoValue&coin=BTC&page=usBTC&isDynamicHkPage=1). The concentration of redemptions in IBIT suggests that one or more large holders reduced their positions during the session.

Morgan Stanley's MSBT attracted approximately $5.01 million, making it the leading Bitcoin fund for inflows that day. Total spot Bitcoin ETF assets stood near $78.82 billion after the session closed.

Despite the sharp daily outflow, a single session of redemptions does not confirm a broader institutional retreat from Bitcoin. The preceding seven sessions had already restored a meaningful level of regulated spot demand.

Ethereum ETFs Post Inflows as Bitcoin Products Face Redemptions

Ethereum ETFs moved in the opposite direction, drawing $26.32 million in net inflows during the same trading day. Fidelity's FETH led the category with approximately $14.93 million in inflows, extending Ether funds' positive run even as Bitcoin products experienced redemptions.

The divergence in flows may reflect tactical portfolio adjustments rather than a lasting allocation shift from Bitcoin to Ether. Fund flows can shift rapidly as investors rebalance risk exposure, take profits, or respond to macroeconomic developments.

Bitcoin Price Action and Macro Backdrop

Bitcoin fell to approximately $64,600 before recovering to around $65,400. The decline coincided with a broader risk-off move as U.S. equities weakened amid renewed geopolitical tensions between Washington and Tehran.

Bitcoin ETF outflows can reduce spot market demand when redemptions require the unwinding of underlying Bitcoin exposure. However, sustained outflows over multiple sessions would carry greater significance than a single negative day following a week of predominantly positive flows.