A single trading session separates a $265.4 million net outflow from a $170.1 million net inflow across U.S. spot Bitcoin ETFs.
July 31 was ugly. Aug. 3 was green. Stop reading at that point, though, and you’ll walk away with precisely the wrong conclusion — because one fund carried most of the weight.
The green day was real, but it wasn’t evenly spread
Cash arrived at seven of the 12 listed funds on Aug. 3. Five sat flat. Across all 12 fund columns, not one posted a net outflow.
For this product category, that counts as a clean sweep — the typical session pairs redemptions out of the legacy trust with creations at the newer funds.
Yet roughly 65.5% of the day’s total came from BlackRock’s IBIT. One issuer, nearly two-thirds of the flow.
What the flow table actually shows
The daily flow table from Farside Investors listed IBIT at $111.4 million, with Fidelity’s FBTC in second place at $33.4 million.
From there the figures shrink quickly. EZBC contributed $9.2 million. BTCO collected $6.7 million and HODL pulled in $4.5 million. BITB and ARKB chipped in $2.8 million and $2.1 million, respectively.
Flat readings came from BRRR, BTCW, MSBT, GBTC and BTC. Those seven positive entries sum precisely to Farside’s $170.1 million daily figure — a handy sanity check when working through these tables.
Remove IBIT from the equation and the remaining six positive funds managed $58.7 million between them. That figure is the one to jot down. Even with more issuers joining in, BlackRock’s fund still supplied the bulk of net inflows.
The selloff it’s being compared against
July 31’s damage spread across five funds, and it began at the very top. IBIT registered $122.7 million in net outflows.
FBTC shed $54.8 million, while GBTC logged $52.6 million of redemptions. ARKB gave up $17.5 million and BITB $17.8 million.
Not one fund managed a net inflow that day. Out of 12 rows, zero were positive.
This exact pattern already happened three days earlier
Now for the detail that muddies the recovery story. On July 30 — the trading day immediately before the rout — seven funds posted positive net flows and none posted a net outflow.
The group hauled in $233.1 million that session. A larger sum, identical breadth, and what followed straight after was the worst day of the stretch.
The tally of positive funds therefore ran seven, then zero, then seven. Whatever breadth signalled on July 30, it said nothing about July 31.
What would make Aug. 3 mean something
Evidence of genuine broadening would look like several funds contributing positively over complete sessions, again and again — not one green row. Seven-fund participation for a single day is a data point rather than a trend.
That concentration raises the bar for anyone calling this a durable recovery. Money did travel past IBIT on Aug. 3, which genuinely differs from sessions where BlackRock soaks up everything. Still, a 65.5% share leaves the distribution top-heavy.
Over the past 24 hours Bitcoin is +1.01%, holding rank # 1 by market cap. As moves go that’s a rounding error, and it underlines that $170.1 million of ETF creations doesn’t automatically show up in the price.
How to read the next few tables
Track how many funds land in positive territory rather than the headline dollar amount. A $200 million session in which IBIT accounts for 90% is a weaker signal than a $100 million session divided five ways.
Also keep an eye on whether GBTC holds at flat. It printed zero on Aug. 3 following $52.6 million of redemptions on July 31, and the legacy trust shifting from a drag to a non-factor moves the daily net far more than one mid-sized fund tacking on $2 million.