U.S. spot Bitcoin exchange-traded funds bled $265.4 million on July 31, reversing the prior session's $233.1 million inflow, according to Farside data. Every major Bitcoin ETF product posted net outflows or flat, with BlackRock's IBIT alone losing $122.7 million. Meanwhile, Ethereum ETFs eked out a $9 million net inflow, but that was entirely thanks to BlackRock's staked Ether fund, ETHB.
Bitcoin funds in the red across the board
The July 31 outflow hit every Bitcoin ETF tracked by Farside. BlackRock's IBIT led the losses at $122.7 million. Fidelity's FBTC shed $54.8 million, Grayscale's GBTC lost $52.6 million, and both BITB and ARKB dropped $17.8 million and $17.5 million, respectively. The day's reversal erased the previous session's $233.1 million inflow and extended a rough stretch: over the five trading days from July 24 to July 30, Bitcoin funds had already lost a combined $36.2 million. Over the ten-session window ending July 31, the category was down $27.6 million.
Ethereum ETFs: one fund carrying the load
Ether funds managed a $9 million net inflow on July 31, but the headline number is deceptive. BlackRock's ETHB — the staked Ethereum ETF — pulled in $15.4 million, while every other Ether product combined lost $6.4 million. ETHB reported about $546.1 million in net assets on July 31, with its net asset value falling 2.85% to $24.04 despite the inflow. Over the ten-session period from July 20 to July 31, Ethereum funds gained $113.8 million, a stark contrast to Bitcoin's $27.6 million loss over the same window.
Staking rewards and the fine print
ETHB's appeal lies in its staking component. The fund's trailing 30-day staking rewards rate stood at 1.67% as of July 31 — a backward-looking figure. But the iShares filing notes that the aggregate staking fee is 10% of gross staking consideration, meaning net returns to holders are lower. Distributions are intended monthly, but the filing offers no guarantee on timing. For now, ETHB remains the only Ether ETF with a staking yield, which may explain its steady inflows even as other Ether products see outflows.
Market backdrop
The outflows came as crypto prices slipped. On August 1, Bitcoin traded near $62,958, down 2.09% over 24 hours. Ethereum was at $1,868, off 1.09%. The broader market dip likely contributed to the selling pressure on Bitcoin ETFs, though the divergence between Bitcoin and Ethereum fund flows suggests investors are still weighing the staking angle. For ETHB holders, the 1.67% trailing yield — net of the 10% fee — is a modest but real differentiator in a market where most crypto ETFs offer no yield at all.
