Bitcoin ETFs just broke a brutal $500M losing streak, but the entire recovery is an illusion propped up by BlackRock

U.S. spot Bitcoin ETFs snapped a four-session losing streak on July 29 and finished the day with $32.1 million in net inflows.

However, one fund did all the lifting. BlackRock’s iShares Bitcoin Trust ETF, or IBIT, pulled in $89.8 million, enough to cover the $43.1 million that left Fidelity’s Wise Origin Bitcoin Fund, or FBTC, and the $14.6 million that exited the ARK 21Shares Bitcoin ETF, or ARKB.

July 29 U.S. spot Bitcoin ETF net flows ($ millions)

IBIT’s inflow exceeded the complex’s net result by exactly $57.7 million because the Fidelity and ARK outflows reduced BlackRock’s contribution. Every other listed product showed zero net flow. A zero entry means no net flow was reported for the session, not that no ETF shares changed hands in secondary-market trading.

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The preceding run began with $225 million of net outflows on July 23 and continued with $240 million on July 24, $11 million on July 27, and $49 million on July 28. Those four consecutive trading sessions totaled $526 million in net outflows. Adding July 29’s $32 million inflow leaves the five-session period $494 million in the red, so the positive print recovered only part of the earlier losses.

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The SEC’s explanation of ETFs says only authorized participants transact directly with a fund in large creation units. ETF shares can then be sold in the secondary market to individuals, institutions or market makers.

BlackRock’s fund attracted enough net inflow to offset outflows at Fidelity and ARK for one session. So it does not really establish that institutional demand returned across the U.S. spot Bitcoin ETF market.

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Jul 20, 2026 · Oluwapelumi Adejumo

If the next sessions provide positive readings that extend beyond IBIT or persist at the aggregate level, the issuer distribution will look different. If the other products remain flat or negative, the headline total will continue to depend on BlackRock’s fund.