US spot Bitcoin exchange-traded funds posted their worst daily redemption since mid-July on Thursday, pulling $282.6 million from the complex and extending a three-day withdrawal run to $449 million. The reversal chips away at a $3.8 billion inflow surge that had marked the strongest three-week stretch of the year, leaving cumulative net inflows at $55.17 billion against $97.5 billion in total assets, according to SoSoValue data.
ARK 21Shares leads the exit
The ARK 21Shares Bitcoin ETF absorbed the brunt of Thursday’s selling, recording $164 million in outflows, more than half the day’s total. Grayscale’s Bitcoin Trust ETF and Fidelity’s FBTC followed with $36 million and $33.6 million respectively. The concentration in a single fund suggests a large allocator or platform rebalancing rather than broad-based retail panic, though the data does not identify the counterparties.
Ether and Solana funds give back gains
Ether ETFs surrendered nearly all of Wednesday’s $34.8 million inflow, posting $29.8 million in net redemptions. Solana funds saw a sharper turnaround: $483,000 left on Thursday after $11.7 million arrived the day before. The symmetry, one day in, the next day out, underscores how thin the flow data remains for the newer crypto ETFs, where a single creation or redemption unit can swing the daily print.
Strategy sits out the dip
Separately, Strategy, the corporate Bitcoin accumulator formerly known as MicroStrategy, disclosed it skipped its regular purchase window to repurchase $176 million of its STRC preferred shares instead. The decision removes a consistent source of demand from the spot market at the same moment ETF flows turn negative, though the company’s overall Bitcoin holdings are unchanged.
What to watch
The July 13 outflow of $424.7 million marked a local bottom before the summer rally resumed. If the current streak holds, the $449 million three-day total will surpass that threshold, testing whether the ETF complex has become a leading indicator or merely a lagging mirror of sentiment. Next week’s flow data, coupled with any shift in Strategy’s buying cadence, will clarify whether this is a pause or a pivot.