US spot Bitcoin ETFs saw a significant $424.7 million net outflow on July 13, reversing the prior week's $197.4 million inflow and erasing hopes of a sustained recovery. The withdrawal, driven by large redemptions from BlackRock's IBIT and Fidelity's FBTC, highlights fragile institutional demand after an eight-week losing streak. With trading volumes down 78% from their peak, the reversal casts doubt on whether the market has found a bottom.
July 13 outflow reversal
- ▪The July 13 outflow reversed the previous week's net inflow of $197.4 million
- ▪On July 14, 2026, the ETFs saw a rebound with approximately $181 million in inflows
- ▪The prior week's inflow had briefly ended an eight-week streak of withdrawals
- ▪US-listed spot Bitcoin ETFs recorded net outflows of approximately $424.7 million on July 13, 2026
- ▪June 2026 marked the largest monthly net outflow in the history of Bitcoin ETFs, with investors pulling $4.51 billion
IBIT withdrawal pattern
- ▪On July 14, 2026, BlackRock's IBIT led a rebound by pulling in roughly $139 million
- ▪From July 6 to July 10, BlackRock's IBIT had attracted $291.9 million in inflows, exceeding the industry's total for that week
- ▪BlackRock's IBIT fund recorded outflows of $185.5 million on July 13, 2026
FBTC withdrawal pattern
- ▪During the period of July 6 to July 10, Fidelity's FBTC had posted $93.4 million in outflows
- ▪On July 14, 2026, Fidelity's FBTC added about $21 million in inflows
- ▪Fidelity's FBTC fund led the July 13 withdrawals with outflows between $245.6 million and $246.3 million
Single-fund demand concentration
- ▪Grayscale's GBTC fund recorded $53.1 million in outflows on July 13, 2026
- ▪The previous week's positive total was driven more by a single fund, IBIT, than by a broad rebound in ETF demand
- ▪The 30-day moving average of daily trading volume for US spot Bitcoin ETFs has fallen 78% from its peak to $1.25 billion
Week-ahead recovery requirements
- ▪Market observers are divided on whether Bitcoin's downturn is nearing an end or if more losses are ahead
- ▪Analysts suggest a broad rebound across several issuers would provide stronger evidence that demand is recovering
- ▪To match the previous week's $197.4 million net inflow, the funds would need to bring in $622.1 million over the rest of the week
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