KoinlyticsUS spot bitcoin ETFs bled $49.75 million in net outflows on Tuesday, July 28, 2026, marking the fourth consecutive session of net redemptions and putting the category on track for the smallest monthly inflow total since spot bitcoin ETPs launched in January 2024. Over the seven days ending July 28, the group of 11 US-listed funds shed 3,170 BTC worth roughly $200.23 million.
The July slump in context
Spot bitcoin ETFs pulled in only about $205 million in net inflows across all of July 2026, according to CoinDesk's daybook. That is the lowest monthly total on record for the category and stands in sharp contrast to the multi-billion dollar monthly inflows that dominated the early 2024 launch period and the first half of 2025.
What is driving the flip
The proximate driver is the two-day FOMC meeting that opened on July 28, with the rate decision landing on July 29. The federal funds rate has been on hold at 3.50 to 3.75 percent for four straight meetings, and market pricing coming into the meeting priced very low odds of a cut, but a meaningful probability of dissenting votes pushing for a hike given the inflation trajectory.
The second driver is competition. Morgan Stanley launched its Morgan Stanley Ethereum Trust and Morgan Stanley Solana Trust on NYSE Arca on July 28, both at a 0.14 percent expense ratio with staking pass through.
Altcoin ETFs are catching a bid
While spot bitcoin ETFs bled, altcoin ETFs have absorbed a chunk of the outflow. Ether ETPs, solana ETPs, and multi-asset crypto index products all recorded positive flows on days when bitcoin outflows were largest, suggesting that the money is not leaving crypto exposure entirely, but rather rotating within the category.
What to watch
Watch the FOMC decision and Chair Warsh's press conference on July 29 for the tone that shapes the second half of the week's flow data. Watch IBIT specifically to see whether BlackRock's fund breaks or extends the four-day outflow streak.
Source: CoinDesk