Bitcoin ETF outflows erase prior week's gains

Spot Bitcoin ETFs saw $424.7 million in net outflows on July 13, more than double the $197.4 million they took in over the previous five trading days. That swing pushed the July 6 to July 13 total to a net loss of $227.3 million and quickly erased the first positive week after an eight-week outflow run.

The reversal matters because last week's improvement did not hold up across the full group of funds. BlackRock's IBIT had brought in $291.9 million from July 6 to July 10, more than the industry's total net inflow for that period, while Fidelity's FBTC lost $93.4 million. On July 13, both funds moved lower, with $245.6 million leaving FBTC and $185.5 million leaving IBIT.

Some products still attracted money. VanEck's HODL added $6.1 million, and Grayscale's lower-fee BTC fund took in $53.4 million. But that was not enough to offset the larger withdrawals, and GBTC also posted $53.1 million in outflows.

Bitcoin traded near $62,611 on July 14, but the flow data does not show who sold or whether every ETF redemption led to an immediate sale of BTC in the market. For the category to finish this week flat, funds would need to recover the full $424.7 million lost on Monday.