Bitcoin ETF outflows hit $265M; ETH’s strength leans on ETHB
U.S. spot Bitcoin ETFs reversed sharply on July 31 with net outflows of $265.4M after $233.1M inflows the prior day. Every listed Bitcoin ETF was flat to negative, led by BlackRock’s IBIT (-$122.7M) and Fidelity’s FBTC (-$54.8M). Grayscale’s GBTC (-$52.6M) also declined, while BITB (-$17.8M) and ARKB (-$17.5M) added further outflows. For traders, this Bitcoin ETF flow data is a near-term bearish signal for spot-demand breadth.
Ether’s outperformance looks less like a broad “rotation” and more like product-specific buying. Total Ether ETF inflows were about $9.0M, mainly because BlackRock’s staked Ethereum fund ETHB drew $15.4M. Excluding ETHB, Ether products would likely have posted net outflows. Other Ether products (e.g., FETH, ETHW, and a mini Grayscale trust) together lost about $6.4M, with most remaining funds roughly flat.
CryptoSlate’s multi-day check weakens the rotation thesis: over July 24–30, Bitcoin ETFs lost $36.2M and Ether ETFs lost $69.7M. Only the wider July 20–31 window shows more support for ETH (+$113.8M vs. BTC -$27.6M). Bottom line: watch whether Ether inflows expand beyond ETHB; until then, ETH strength may not translate into a market-wide rotation.
Bearish
Bitcoin ETF flows deteriorated sharply on July 31, with $265.4M outflows led by IBIT and FBTC. That pattern suggests weaker broad spot-demand participation in BTC-linked products over the very near term. For ETH, the positive print is largely concentrated in ETHB; excluding ETHB, Ether ETFs would likely flip to net outflow. The multi-day data (July 24–30) also shows ETH not outperforming consistently versus BTC, so there is insufficient evidence of a sustained market-wide rotation. Traders may see BTC pressure in the short run, while ETH strength may remain limited and conditional until inflows broaden beyond ETHB.