Overall Net Outflow and Trend
Bitcoin spot ETFs in the United States recorded a total net outflow of approximately $295 million on July 1 (Eastern Time), marking the 10th consecutive day of net withdrawals, according to data from SoSoValue. As of press time, the combined net asset value of all bitcoin spot ETFs has fallen to $72.46 billion, with the ETF net asset ratio (ETF market cap as a percentage of total bitcoin market cap) standing at 6.01%. Despite the recent persistent outflows, the cumulative net inflow since inception remains high at $50.86 billion, indicating that long-term capital retention is still significant.
Divergence Among ETFs: Grayscale and Morgan Stanley Attract Inflows, BlackRock Leads Outflows
On a single-ETF basis, capital flow patterns showed marked divergence. The Grayscale Bitcoin Mini Trust (BTC) led the inflow side with a daily net inflow of $36.33 million, bringing its historical cumulative net inflow to $2.398 billion. The Morgan Stanley ETF (MSBT) followed with a net inflow of $29.81 million and a cumulative net inflow of $364 million.
On the outflow side, BlackRock's IBIT ETF dominated with a single-day net outflow of $219 million, accounting for most of the total outflows. Nevertheless, IBIT's cumulative net inflow remains the highest among all bitcoin spot ETFs at $60.034 billion, underscoring its dominant market position. The divergence suggests that investors are rotating or rebalancing their exposure across different ETF issuers, possibly driven by fee structures, liquidity preferences, or proprietary views.
Market Implications and Outlook
The 10-day streak of net outflows reflects a cautious near-term sentiment toward bitcoin spot ETFs, likely driven by macroeconomic uncertainty, fluctuating cryptocurrency prices, and profit-taking after previous rallies. While the daily outflow of $295 million is not extreme compared to historical peaks, the persistence warrants close monitoring. Notably, the ability of Grayscale and Morgan Stanley products to attract inflows even during a broad withdrawal period suggests that some institutional and retail participants are still selectively adding positions or rebalancing portfolios. Investors will watch whether the outflow trend reverses in coming sessions and whether bitcoin's price can find support from ETF capital flows at key technical levels.