Cryptocurrency Markets: July 22 Spot ETP Flows: Daily Net Sales Decelerate ($140mn) from Recent Days but Remain Positive; WTD Net Flows Tracking ~$655mn

Research evidence excerpt

Cryptocurrency Markets: July 22 Spot ETP Flows: Daily Net Sales Decelerate ($140mn) from Recent Days but Remain Positive; WTD Net Flows Tracking ~$655mn

J P M O R G A N North America Equity Research

23 July 2026

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Cryptocurrency Markets

July 22 Spot ETP Flows: Daily Net Sales Decelerate

($140mn) from Recent Days but Remain Positive; WTD

Net Flows Tracking ~$655mn

We estimate U.S. spot Bitcoin ETP and U.S. spot ether ETP preliminary net sales Brokers, Asset Managers &

of $69mn and $73mn, respectively, on Wednesday, July 22, 2026. We estimate that Exchanges

the U.S. spot Solana ETPs reported net redemptions of $1mn yesterday. Kenneth B. Worthington, CFA AC

(1-212) 622-6613

U.S. Spot Bitcoin ETP Flows kenneth.b.worthington@jpmorgan.com

Madeline Daleiden

We estimate U.S. spot Bitcoin ETP preliminary net sales of $69mn on Wednesday, (1-212) 622-4911

July 22, 2026. BlackRock’s IBIT and Grayscale’s mini BTC led the group’s net madeline.daleiden@jpmchase.com

flows with net sales of $39mn and $38mn, respectively. Fidelity’s FBTC attracted Michael Cho

$22mn in net sales yesterday among other single digit net inflowing vehicles, (1-212) 622-3619

detailed in Table 1 below. Offsetting these net inflows were net redemptions of michael.cho@jpmchase.com

$38mn out of Grayscale’s legacy GBTC vehicle. Finally, the group’s total notional J.P. Morgan Securities LLC

trading volumes roughly halved sequentially to $1,112mn yesterday, below the