The week opened with significant withdrawals from Bitcoin ETFs, totaling around $424.66 million on July 13. This downturn in investor confidence was primarily driven by large outflows from major players like Fidelity and Blackrock.
Bitcoin ETFs faced the brunt of the pressure, with Fidelity’s FBTC recording the largest exit of $245.62 million, followed by Blackrock’s IBIT at $185.50 million. Grayscale’s GBTC also saw a departure of $53.06 million. While Grayscale’s Bitcoin Mini Trust managed to attract $53.38 million and Vaneck’s HODL brought in $6.14 million, these gains were not enough to offset the overall losses. The total value of Bitcoin ETFs traded reached $2.06 billion, with net assets closing at $74.79 billion.
Ether and HYPE ETFs Also Decline
The decline was not confined to Bitcoin alone. Ether ETFs experienced a net outflow of $15.41 million, largely attributed to Fidelity’s FETH, with no other inflows recorded across the group. The total ether ETF value traded stood at $430.91 million, resulting in net assets of $9.46 billion. HYPE ETFs suffered a similar fate, facing a $3.93 million net outflow entirely from Bitwise’s BHYP, with total traded value at $14.79 million and net assets at $327.79 million.
In an even quieter market, XRP and Solana ETFs reported no trading activity at all. According to data from Glassnode, trading activity in U.S. spot ETFs is down 78% from peak levels, highlighting a fragile environment for Bitcoin prices. Without increased participation from other assets, sustaining a recovery in Bitcoin’s price may prove challenging.
This material is informational and should not be considered financial advice.
