BlackRock’s IBIT accounted for 90% of a $225 million Bitcoin ETF reversal after a seven-day buying streak

US spot Bitcoin ETFs recorded $225 million in net outflows on July 23, ending a seven-session inflow streak as net redemptions from BlackRock’s iShares Bitcoin Trust dominated the reversal.

IBIT posted a $202 million net outflow, accounting for 89.96% of the US spot Bitcoin ETF sector’s aggregate net outflow.

Five other funds recorded combined outflows of $27.6 million, while Grayscale’s GBTC attracted $5 million. Together, the funds outside IBIT therefore contributed a net $22.6 million to the daily outflow.

The reversal followed seven consecutive positive sessions between July 14 and July 22, during which the ETFs attracted a combined $999 million. The July 23 withdrawal erased approximately 22.5% of those additions, leaving the full eight-session period with a net inflow of $774 million, according to Farside Investors

Bitcoin weakened alongside the reversal

Bitcoin also moved lower during the July 23 session yesterday. BlackRock reported that IBIT’s net asset value declined 1.63% for the day, while its CME CF Bitcoin Reference Rate benchmark ended at $64,768.

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