BlackRock's IBIT Dominates $225M Bitcoin ETF Reversal
BlackRock's iShares Bitcoin Trust (IBIT) led the reversal in US spot Bitcoin ETFs, accounting for nearly 90% of a $225 million net outflow on July 23. This came after seven consecutive positive sessions between July 14 and July 22, during which the ETFs attracted a combined $999 million.
The $202.5 million net outflow from IBIT was nine times the combined net outflow from every other product. Grayscale's GBTC gained $5 million, while five other funds shed $27.6 million in total. The reversal erased about 22.5% of the prior seven-session inflow.
The eight-session net remains firmly positive, with a total of $774.2 million of net demand despite the IBIT-led reversal. Bitcoin weakened alongside the reversal, falling to around $64,768 on July 23. The decline was directionally consistent with softer ETF demand, although causation is unresolved.