On July 21, 2025, the U.S. cryptocurrency exchange-traded fund (ETF) market presented a bifurcated landscape, with spot Bitcoin funds experiencing significant capital depletion while their Ethereum-backed counterparts continued to attract substantial investment. This pronounced divergence highlights distinct investor appetites and the evolving dynamics within the digital asset investment sector.
- On July 21, 2025, U.S. spot Bitcoin ETFs recorded a net outflow of $131.35 million, marking their second negative day in July after 12 consecutive inflow days.
- Conversely, U.S. spot Ethereum ETFs garnered approximately $296 million in inflows on the same day, extending a positive trend initiated on July 3.
- Ethereum ETFs experienced a record-setting week from July 14 to July 18, 2025, attracting over $2 billion in investments, further reinforcing growing institutional confidence.
- In Hong Kong, spot Bitcoin ETFs saw a modest inflow of over 33 BTC, while local Ethereum funds exhibited no significant capital movement, suggesting a more stable regional investment pattern for Ethereum.
US Bitcoin ETF Outflows
American spot Bitcoin ETFs collectively registered a net outflow of $131.35 million on July 21. This marked the second day of net negative flows for these funds within July, following a notable streak of 12 consecutive trading days characterized by net inflows. The primary contributors to this capital depletion included the ARK 21Shares Bitcoin ETF (ARKB) with $77.46 million, Grayscale Bitcoin Trust (GBTC) with $36.75 million, Fidelity Wise Origin Bitcoin Fund (FBTC) with $12.75 million, VanEck Bitcoin Trust (HODL) with $2.48 million, and Bitwise Bitcoin ETF (BITB) with $1.91 million. Data from SoSoValue indicated no significant capital movement in other listed Bitcoin ETFs during this period.
Sustained Ethereum ETF Inflows
In stark contrast, the U.S. spot Ethereum ETF sector maintained its robust positive momentum, extending an inflow trend that originally commenced on July 3. On July 21, these funds cumulatively attracted approximately $296 million in new investments. Significant inflows were observed across FETH ($126.93 million), ETHA ($101.98 million), ETH ($54.90 million), and ETHW ($13.15 million). This sustained interest follows a record-setting week from July 14 to July 18, 2025, during which U.S. Ethereum ETFs collectively garnered over $2 billion in investments, further reinforcing growing institutional confidence in the Ethereum ecosystem. These statistics are also sourced from SoSoValue, highlighting the divergent market sentiment.
Hong Kong Market Activity
In the Hong Kong market, spot Bitcoin ETFs observed a modest inflow exceeding 33 BTC during the same period. However, local Ethereum-based funds showed no discernible capital activity, indicating a more cautious or stable investment pattern for Ethereum products within that region.
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