Crypto ETFs faced renewed pressure on July 28 as Bitcoin funds recorded $49.75 million in net outflows, extending the negative streak to four consecutive trading sessions, according to SoSoValue data. The redemptions remained modest compared to the $240.08 million withdrawn on July 24, with daily traded value holding near $1.40 billion.

BlackRock's IBIT accounted for the session's only gross outflow, shedding $54.83 million, equivalent to roughly 860 BTC. No other fund recorded outflows on the day. Cumulative net inflows across the category stood at $51.32 billion, while total net assets reached $77.23 billion.

Bitcoin ETFs represent the largest segment of U.S. spot crypto ETFs, a category that launched in January 2024 and has rapidly grown into one of the most successful ETF debuts on record. Their flow patterns continue to shape sentiment across the broader digital-asset fund market, and sustained outflow streaks are closely watched as a proxy for institutional and retail risk appetite.

Four-Day Outflow Run Totals $526.65 Million

The current outflow streak began on July 23, when $225.18 million left Bitcoin funds. Another $240.08 million followed on July 24, then $11.64 million on July 27, and $49.75 million on July 28. Across the four sessions, a combined $526.65 million has moved out.

The two largest redemptions occurred at the start of the streak, while the final two sessions were significantly milder. This contrasts sharply with the period between July 14 and July 22, when the same funds recorded seven consecutive positive sessions totaling $999.38 million in combined inflows. July 20 and July 21 alone pulled in $226.92 million and $203.14 million, respectively.

IBIT Remains Category Anchor Despite Latest Redemption

On July 28, IBIT was the sole fund to register outflows. The Grayscale Bitcoin Mini Trust absorbed $5.08 million, or approximately 80 BTC, and has now accumulated $2.65 billion in inflows since its launch. The Mini Trust, introduced alongside other spot Bitcoin ETFs in January 2024 with a significantly lower fee than Grayscale's legacy GBTC product, has steadily captured assets from cost-sensitive investors rotating out of the higher-cost vehicle.

All other major funds reported zero net flows, including Fidelity's FBTC, Grayscale's GBTC, Bitwise's BITB, and the Ark and 21Shares ARKB. Smaller funds from VanEck, Morgan Stanley, Valkyrie, Franklin, Invesco, and WisdomTree also reported no net activity.

IBIT continues to anchor the category. Its $60.33 billion in cumulative net inflows exceeds the $51.32 billion total for the entire Bitcoin ETF market. That gap stems from the $27.42 billion that has exited GBTC since its conversion from a closed-end trust.

Weekly Flows Turn Negative as Net Assets Decline

The weekly flow picture also turned negative. The week ending July 28 recorded $61.40 million in net outflows, following two consecutive positive weeks of $33.79 million and $75.67 million. The week ending July 10 had drawn $197.40 million in inflows, though the month began after a $526.64 million weekly outflow recorded on July 2.

Total net assets declined to $77.23 billion on July 28, down from $78.71 billion the previous day and below the July 21 peak of $80.94 billion. The decline reflects both redemptions and softer Bitcoin prices, as asset values track the spot market. Cumulative net inflows of $51.32 billion remain within approximately $530 million of the July 22 high of $51.85 billion.

Key Indicators for Remaining July Sessions

Market participants are monitoring whether IBIT redemptions spread to other large issuers such as Fidelity and Bitwise. Broader outflows across multiple funds would suggest wider reduction in Bitcoin exposure rather than isolated redemptions in a single product. Notably, the current streak has been concentrated almost entirely in IBIT, with most other funds flat — a pattern that, so far, points to selective repositioning rather than a category-wide exit.

Bitcoin ETFs have shown resilience after similar episodes. Following a $424.66 million outflow on July 13, the funds attracted approximately $999 million over the next seven sessions — the strongest consecutive inflow period of the month.

Crypto ETFs entered July 29 with $51.32 billion in cumulative net inflows and $77.23 billion in net assets. The longer-term capital base remains intact, though the four-day outflow streak persists.