Bitcoin's Hidden Liquidation Wall

US spot Bitcoin ETFs have seen massive inflows and outflows in recent weeks. Between July 14th and July 22nd, they took in roughly $999 million in new investments.

However, this trend reversed itself over the following four days, with a net outflow of about $526 million by July 28th. Looking at the broader picture from May 29th to July 28th, daily totals indicate around $4.46 billion in net outflows.

Cumulative net inflows since launch still stood near $51.4 billion as of July 29th. The reason traders default to ETF flows as a measure of institutional conviction is that heavy outflows can be seen as lost interest, while inflows signal renewed demand.

However, this framework only captures one part of the market. Institutions can now reach Bitcoin through spot ETFs, options-income products, Bitcoin-backed lending, and structured credit. This wider menu of risk means capital leaving one wrapper can easily move to another corner of the same market.