NEW YORK — Bitcoin spot exchange-traded funds registered $225.18 million in net outflows July 23, the largest single-day redemption for these products since June 5. Several prominent BTC ETF issuers recorded significant withdrawals, signaling broad investor caution around Bitcoin's near-term price trajectory. Total net outflows for the week now stand at over $350 million.
Ethereum spot ETFs pulled in $26.32 million in net inflows the same day — the third consecutive session of positive flows for ETH products, which began trading in May 2024. Total inflows for the asset class now exceed $1.2 billion since launch. Institutional capital is moving toward Ethereum, and the flow data makes that clear.
Bitcoin has traded lower over the past month, failing to reclaim key resistance levels under persistent selling pressure from multiple on-chain cohorts. Miners collectively sold 8,200 BTC last week — the largest single-week liquidation since January. Miner reserves now sit at 1.81 million BTC, the lowest level since 2010. That supply hitting the market is contributing directly to the current ETF outflow trend.
Ethereum benefits from a strong development roadmap and expanding utility. Total value locked in DeFi protocols on Ethereum has risen over the past month, reflecting renewed interest in decentralized exchanges and lending platforms built on the network. The anticipated Dencun upgrade, expected in Q4 2026, promises further scalability improvements and reduced transaction costs — a technical evolution that attracts institutional capital with a long-term horizon.
Analysts at Galaxy Digital and Grayscale have consistently highlighted Ethereum's potential as a programmable asset distinct from Bitcoin's store-of-value narrative. Their research points to Ethereum's role in the broader Web3 ecosystem as a key differentiator for institutional portfolios. The capital shift reflects growing institutional conviction in Ethereum's long-term value proposition.