After 12 straight days of inflows, spot Bitcoin ETFs finally saw $131 million in net outflows on July 21—the first red day in nearly two weeks. Meanwhile, Ethereum ETFs continued their hot streak, pulling in $297 million the same day.

Who’s Selling Bitcoin ETFs?

📉 ARKB (Ark Invest): -$77.5M
📉 GBTC (Grayscale): -$36.8M
📉 FBTC (Fidelity): -$12.8M
📉 VanEck & Bitwise: -$2.5M & -$1.9M
➖ IBIT (BlackRock): Flat (no major moves)

Why the Sudden Shift?

• Profit-taking after BTC hit $123K last week
• Short-term traders rotating into ETH (up 25%+ in July)
• BTC price consolidation below $120K

The Bigger Picture

💰 $10.5B inflows in past 6 weeks
💰 $152B total AUM (6.5% of BTC supply)
💰 ETH ETFs thriving (12 straight inflow days)

Analyst take:

“This looks like a breather, not a reversal—institutional demand remains strong long-term.”