BlackRock Drives US Spot Bitcoin ETF Inflows to $233 Million

BlackRock's IBIT carried the day with $183.4 million, or roughly 78.7% of the total, according to Farside Investors data cited by crypto.news.

Flow concentration, by fund

• IBIT (BlackRock): $183.4M — largest single-fund inflow since July 6 ($209.4M).
• BITB (Bitwise): $20.7M.
• FBTC (Fidelity): $15.5M.
• MSBT (Morgan Stanley): $7.4M.
• HODL (VanEck): $2.3M.
• BTC Mini Trust (Grayscale): $2.3M.
• ARKB (ARK 21Shares): $1.5M.
• Remaining products: zero flows.

No fund reported a net outflow. The breadth is the headline — July's prior rebounds were IBIT-only.

Underlying mechanics

• SoSoValue puts group total net assets at roughly $78.76 billion post-session. IBIT alone holds about $47.67 billion, meaning it represents more than 60% of the complex. NAV rose 1.26% to $36.68 on the day, with a Bitcoin benchmark of $64,764.70.
• July is tracking positive: approximately $438.2 million in net inflows month-to-date per Farside, $437.8 million per SoSoValue. A fourth consecutive positive week closes if Friday outflows stay below ~$203.9 million.
• The recovery is shallow. May lost ~$2.41 billion and June ~$4.51 billion. July has clawed back roughly 9–10% of the two-month drawdown.

Risk read

• Demand has been reflexive, not structural. BlackRock posted outflows on July 27 and 28 before reversing. SoSoValue data showed roughly $526 million in redemptions over the four sessions ending July 28, with $225M on July 23 and $240M on July 24.
• Spot liquidity is thin. CryptoQuant contributor Darkfost pegged Binance BTC spot volume near $35 billion in July versus roughly $246 billion in November 2024. Bybit volumes are down 85% over that window; Coinbase and OKX down 61% and 67%. Futures-led moves unwound cleanly through ETF channels when spot buyers stepped away.
• Volatility event loaded. CryptoPotato reports approximately 149,000 BTC and 433,000 ETH options contracts expired on July 31, notional near $10 billion. Expect spot dislocation around the strike.
• Allocation signal, not a flow catalyst. Banco Santander disclosed a $4.3 million stake in U.S. spot Bitcoin ETFs per Pluang — directionally notable, immaterial in size.

What to watch

• Friday's flow tape: a single day above $204M in outflows flips the week negative.
• IBIT share of total flow. A drop below 60% would signal genuine broadening; persistence above 75% means BlackRock is the trade.
• CEX spot volumes. A sustained bounce off July's $35B Binance baseline would confirm real demand. Continued grind lower keeps ETF inflows vulnerable to reflexive exits.
• Options expiry aftermath. Monitor basis and perp funding through the weekend for signs of forced de-risking.

Verdict: The print is a green candle in a still-red month. One session does not reverse a $6.9 billion two-month drawdown, and the underlying spot market is not yet absorbing the flow at scale.