IBIT drove most of July 23 Bitcoin ETF outflows

US spot Bitcoin ETFs snapped a seven-day inflow streak on July 23, a shift crypto investors will watch because one fund, BlackRock's IBIT, drove almost all of the reversal. The group posted $225 million in net outflows for the day, and IBIT alone accounted for about $202 million, or 89.96% of the total.

Outside IBIT, the picture was much smaller. Five other funds posted combined outflows of $27.6 million, while Grayscale's GBTC added $5 million. That left the rest of the US spot Bitcoin ETF market with a net outflow of $22.6 million.

The pullback came after seven straight positive sessions from July 14 to July 22, when these ETFs took in a combined $999 million. The July 23 outflow reversed about 22.5% of those gains, leaving the full eight-session stretch with a net inflow of roughly $774 million, based on Farside Investors data.

Bitcoin also moved lower that day. BlackRock said IBIT's net asset value fell 1.63%, while the CME CF Bitcoin Reference Rate closed at $64,768. Still, ETF flow data is finalized after trading and can reflect positioning set earlier in the session, so the move does not by itself show why Bitcoin fell or whether the broader ETF demand trend has turned.