BlackRock's IBIT Finally Joins the Rebound Party After $8B ETF Hangover 🥳

U.S. spot Bitcoin exchange-traded funds posted $221.7 million in net inflows on July 2, snapping a 10-day outflow streak that had drained roughly $2.7 billion from the products, according to SoSoValue data. Fidelity's Wise Origin Bitcoin Fund (FBTC) led the reversal with $165.96 million in inflows, followed by ARK 21Shares' ARKB at $91.84 million, VanEck's HODL at $4.35 million, and Valkyrie's BRRR at $1.7 million. BlackRock's iShares Bitcoin Trust (IBIT) was the outlier, shedding $40.43 million to extend a losing run that began on June 17 and has cost the fund more than $2.2 billion across 11 sessions. Total net assets in U.S. spot Bitcoin ETFs stood at $74.37 billion after the reversal, down from above $100 billion in early May and a record $169.5 billion in October 2025.

The inflow closed out a record June for the category. U.S. spot Bitcoin ETFs lost about $4.5 billion in net outflows during the month, the worst monthly figure since the products launched in January 2024, according to SoSoValue. That eclipsed the prior monthly record of $3.56 billion set in February 2025. BlackRock's IBIT accounted for $3.55 billion, or roughly 79%, of June's redemptions, per Farside Investors data. Year-to-date net outflows now sit at approximately $5.4 billion, and cumulative net inflows since launch have slipped to about $51.2 billion from a $63 billion peak in October 2025. Galaxy Research tracked a separate record $6.35 billion in net outflows over a rolling 30-day window, the deepest across all 582 such windows it monitors since January 2024. WalletPilot data shows the funds held a combined 1.24 million $BTC as of Tuesday, with about 63,500 $BTC leaving the products over the past 30 days.

Bitcoin itself fell 20.48% in June, its steepest monthly drop since June 2022, when it shed 37.28%. $BTC dropped below $60,000 on June 23 and reached a 21-month low under $58,000 earlier in the week before recovering above $61,000, according to CoinGecko. The rebound coincided with weaker-than-expected U.S. labor data: the June jobs report showed just 57,000 nonfarm payrolls added, well below the roughly 110,000 forecast, while May's figure was revised down by 43,000. Fed Chair Kevin Warsh signaled that inflation risks had eased, cooling bets on further rate hikes. Tim Sun, senior researcher at HashKey, said the shift reflected "the marginal shift in interest rate expectations," noting that persistent outflows had priced in further rate hikes that lifted the dollar and real yields against non-yielding Bitcoin. Stephen Wundke, strategy and revenue director at Algoz Technologies, said investors appeared to be "bottom fishing" after a flight to safety that hit gold and pulled capital into Treasury bills.

The bounce extended beyond Bitcoin funds. U.S. spot Ether ETFs attracted $14.9 million on July 1 and $29.1 million on July 2, with BlackRock's ETHA posting the largest outflows in the category. XRP ETFs returned to net inflows of $6.6 million on July 2 after two sessions of outflows, while Solana ETFs swung from a $6.4 million outflow to a $14.3 million inflow, and HYPE ETFs saw $3.01 million in withdrawals offset by $120.83 million in inflows. On-chain data from Bitfinex analysts showed large holders, or whales, accumulated more than 270,000 $BTC (roughly $16.7 billion) over the prior two weeks even as spot demand remained weak. CryptoQuant's Spot Average Order Size metric recorded large whale orders every day since June 30, including one tracked order of about 857 $BTC near $63,600 on July 5. Santiment noted that Bitcoin ETFs have logged $8.475 billion in total net outflows since May 6, framing the streak as a sign of "frustration, fear, and retail capitulation rather than a fresh reason to panic," while Glassnode reported that roughly 10.83 million $BTC now sit at a loss against 9.22 million in profit, one of the sharpest profitability declines of the cycle. James Butterfill, head of research at 21Shares, told Decrypt that Bitcoin ETFs have shed $8 billion over the past eight weeks but have pulled in roughly $510 million across three consecutive sessions since Friday, adding that the inflows are "the largest we've seen since the outflows began in early May, suggesting we're maybe through the worst of it."