Bitcoin ETFs closed the month in positive territory for the first time since April: July brought $172 million
American spot bitcoin ETFs ended July with net inflows of $172.4 million, posting their first positive monthly result since April. This is an important signal for a market that had been under pressure from massive capital outflows over the previous two months.
However, it is worth emphasizing that the final inflow materialized despite extremely volatile dynamics at the end of the month. On July 31, the funds lost $265.4 million — the largest daily outflow since July 13. The last week also ended in the red: net withdrawals totaled $61.53 million, indicating persistently unstable sentiment among institutional investors.
Context: after a two-month "bloodbath"
The return to positive dynamics is especially significant against the backdrop of nearly $7 billion withdrawn from the instruments in May and June. The main blow came in June, when net outflows reached $4.5 billion — the worst figure since the products launched in January 2024. Nevertheless, July's inflow was unable to fully offset the losses: since the start of 2026, the cumulative outflow from spot bitcoin ETFs stands at approximately $5.29 billion.
Only three months showed positive dynamics this year — March, April, and July — which together brought $3.46 billion to the funds. January, February, May, and June accounted for roughly $8.75 billion in withdrawals. Total assets under management of bitcoin ETFs at the end of July were estimated at $76.29 billion, while cumulative inflows over the entire operating period of the products reached $51.32 billion.
Ether and altcoins: who won in July
Spot Ethereum ETFs posted an even more confident result, ending July with net inflows of $365.2 million and recording four consecutive weeks of positive dynamics. For these products, the month became the second profitable one since the start of the year — the previous was April with $356 million. However, the cumulative result of funds based on the leading altcoin remains negative, standing at about $1.1 billion.
Sustained demand also persisted for XRP structures, which attracted $27.3 million. Since the start of the year, these products have received about $343 million — one of the best figures among cryptocurrency ETFs. Solana instruments saw $14.6 million invested over the month.
Notably, all this positivity unfolds against the backdrop of overall market contraction: at the end of July, trading volumes on the crypto market approached their lowest levels since November 2023.
My comment: July's inflow is more a sign of stabilization than a trend reversal. Institutions continue to act cautiously, and until we see sustained weekly inflows, it is premature to talk about restored confidence in bitcoin ETFs. Especially telling is that Ethereum products are outpacing bitcoin funds — this may indicate a shift in interest toward altcoins in anticipation of new growth drivers.