BlackRock’s IBIT Drives 90% of $225M Bitcoin ETF Outflow

US spot Bitcoin ETFs recorded $225 million in net outflows on July 23, with BlackRock’s iShares Bitcoin Trust (IBIT) responsible for roughly $202.5 million of the total. The redemptions ended a seven-session run of inflows that had begun on July 14.

Five other US spot products posted combined outflows of $27.6 million on July 23, while Grayscale’s GBTC attracted $5 million, leaving funds outside IBIT with a net $22.6 million withdrawal for the day. The seven prior positive sessions had brought about $999.3 million into the group; the July 23 withdrawals erased approximately 22.5% of that gain and left the eight-session window $774.2 million net positive.

IBIT’s net asset value declined 1.63% on July 23. The CME CF Bitcoin Reference Rate closed the session at $64,768, and Bitcoin traded below $65,000 during the day. Finalized flow figures are published after the trading session and can reflect investor positions established at different times within the session.

The concentration of outflows in IBIT reflected the creation and redemption mechanics used by ETFs. Ordinary investors trade ETF shares on exchanges; large creations and redemptions are handled by authorized participants that assemble or dismantle baskets of the underlying asset. The reported IBIT figure reflects net redemption activity carried out through that structure rather than an internal decision by BlackRock to sell holdings.

Further finalized flow reports in coming sessions will show whether net outflows continue or inflows resume. For the eight-session period ending July 23, aggregated net demand across US spot Bitcoin ETFs remained positive at $774.2 million.