IBIT's inflow of nearly 90 million in a single day conceals the truth about Bitcoin ETF outflows of nearly 500 million

According to Woofun AI, the huge inflow of IBIT (IBIT.US) (BlackRock Bitcoin ETF) in a single day covered up the overall downturn in the market. FBTC (FBTC.US) (Fidelity Bitcoin ETF) continued to lose blood, and the US Bitcoin spot ETF market showed an extremely fragmented pattern.

On July 29, the US Bitcoin spot ETF market ended the previous four consecutive trading days of decline and achieved a net inflow of 32.1 million US dollars on the same day. However, this positive data was entirely contributed by IBIT (IBIT.US) (BlackRock Bitcoin ETF) alone, which attracted an influx of $89.8 million in capital in a single day. This funding not only filled the $43.1 million gap lost by FBTC (FBTC.US) (Fidelity Bitcoin ETF), but also covered the $14.6 million outflow from ARK 21Shares Bitcoin ETF (ARKB.US) (ARKB).

Notably, the continued outflow from Fidelity's Wise Origin Bitcoin Fund and ARKB (ARKB.US) highlights the lack of financial support for products other than BlackRock. Data compiled by Woofun AI shows that this single-point support structure makes the overall liquidity of the market extremely weak. Once the inflow of IBIT (IBIT.US) slows down, the overall market will quickly turn negative.

Looking back at the previous trend, the market is under heavy pressure. On July 23, the market experienced a net outflow of US$225 million; on July 24, the scale of outflows increased to US$240 million. This was followed by a net outflow of US$11 million on July 27, and a further loss of US$49 million on July 28. The cumulative net outflow over these four trading days reached $526 million, creating a huge capital vacuum.

Although there was a net book inflow of 32 million US dollars on July 29, the overall net outflow reached 494 million US dollars when viewed on the 5-day moving average. This means that the so-called “rebound” is only a partial technical correction to the huge losses in the previous period, not a trend reversal.

The current image of market recovery is obvious, and it is difficult to reverse the decline with the unilateral efforts of IBIT (IBIT.US) (BlackRock Bitcoin ETF) alone. If the positive performance of products other than BlackRock cannot be seen in subsequent trading days, demand from institutional investors has not actually returned. Only when capital inflows spread from IBIT (IBIT.US) to the overall market level and continue to maintain a positive trend can the distribution situation improve substantially; otherwise, the overall data will still mainly depend on BlackRock's fund, and the market remains vulnerable.