Crypto ETF Month — July 2024: net +$2.7B
July saw significant net inflows of +$2.7B into crypto ETFs, primarily driven by BTC. ETH recorded outflows, indicating a shift in investor preferences.
TL;DR
- Net flow: +$2.7B
- Total inflows: +$5.1B
- Total outflows: -$2.4B
- Strongest day: Jul 22 (+$485.9M) · Weakest day: Jul 25 (-$121.3M)
Monthly Overview
In July 2024, net flows into spot crypto ETFs amounted to +$2.7B, driven primarily by BTC. Only BTC and ETH recorded flows, with BTC seeing a significant inflow compared to ETH's outflow.
Flows by Asset
BTC
Net: +$3.2B / Inflow: +$3.6B / Outflow: -$426.9M
| Fund | Flow |
|---|---|
| BlackRock | +$2.3B |
| Fidelity | +$785.4M |
| Grayscale | -$426.9M |
| 21Shares | +$182.7M |
| VanEck | +$80.9M |
| Bitwise | +$69.2M |
| Invesco | +$65.2M |
| Franklin | +$58.4M |
| Valkyrie | +$30.5M |
| Grayscale BTC | +$18.0M |
| WisdomTree | +$1.8M |
ETH
Net: -$483.6M / Inflow: +$1.5B / Outflow: -$2.0B
| Fund | Flow |
|---|---|
| Grayscale | -$2.0B |
| BlackRock | +$623.2M |
| Bitwise | +$284.5M |
| Fidelity | +$279.4M |
| Grayscale ETH | +$200.8M |
| VanEck | +$51.1M |
| Franklin | +$29.5M |
| Invesco | +$14.2M |
| 21Shares | +$10.8M |
Weekly Breakdown
| Week | Net flow |
|---|---|
| Jul 1 – Jul 5 | +$238.4M |
| Jul 8 – Jul 12 | +$1.0B |
| Jul 15 – Jul 19 | +$1.2B |
| Jul 22 – Jul 26 | +$193.5M |
| Jul 29 – Jul 31 | -$35.7M |
Biggest Fund Moves
Largest inflows
- BlackRock (BTC): +$2.3B
- Fidelity (BTC): +$785.4M
- BlackRock (ETH): +$623.2M
- Bitwise (ETH): +$284.5M
- Fidelity (ETH): +$279.4M
Largest outflows
- Grayscale (ETH): -$2.0B
- Grayscale (BTC): -$426.9M
Market Interpretation
Institutional capital appears to have favored BTC, with BlackRock and Fidelity leading inflows of +$2.3B and +$785.4M, respectively. In contrast, ETH experienced substantial outflows, notably from Grayscale, which withdrew -$2.0B. The best-performing day was July 22, with a net inflow of +$485.9M, while the worst day was July 25, reflecting the volatility in ETH positioning. This suggests a rotation of capital away from ETH towards BTC during the month.
Conclusion
The month closed with a total net figure of +$2.7B, indicating a strong preference for BTC among investors. The overall inflow trend highlights a growing confidence in BTC, despite ETH's challenges.