Bitcoin ETFs Bleed $265M as Ethereum Rescue Falls Flat

Bitcoin ETFs suffered significant losses over the past 24 hours, with net outflows totaling $265.4 million on July 31. This marks a reversal from the previous session, where U.S. spot Bitcoin funds saw a $233.1 million inflow.

Ethereum's supposed rescue came in the form of BlackRock's staked Ethereum fund, which drew in $15.4 million, but this inflow was not enough to offset the overall losses among Ethereum products, with a net outflow of $9 million.

The broader market also took a hit, with Bitcoin falling 2.09% to $62,958 and Ethereum dropping 1.09% to $1,868 over the past 24 hours.

BlackRock's IBIT lost $122.7 million, Fidelity's FBTC lost $54.8 million, and Grayscale's GBTC lost $52.6 million in a brutal 24-hour period for Bitcoin products.