Spot Bitcoin ETFs recorded $172.4 million in net inflows in July, ending two consecutive months of massive outflows. June had seen $4.06 billion in net outflows, the largest monthly redemption since these products launched in January 2024. Year-to-date cumulative flows remain negative at $5.3 billion. BlackRock, with its IBIT product, concentrated the bulk of positive flows, including nearly $1 billion during seven consecutive inflow sessions in mid-July. This concentration around a single product reveals a structural fragility in the Bitcoin ETF ecosystem.
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