Cryptocurrency Markets: July 23 Spot ETP Flows: BTC ETPs Posted Net Outflows of $225mn, First in Eight Sessions; WTD Net Flows Still Tracking Positive, ~$454mn

Research evidence excerpt

Cryptocurrency Markets: July 23 Spot ETP Flows: BTC ETPs Posted Net Outflows of $225mn, First in Eight Sessions; WTD Net Flows Still Tracking Positive, ~$454mn

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

24 July 2026

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Cryptocurrency Markets

July 23 Spot ETP Flows: BTC ETPs Posted Net

Outflows of $225mn, First in Eight Sessions; WTD Net

Flows Still Tracking Positive, ~$454mn

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

redemptions of $225mn and net sales of $23mn, respectively, on Thursday, July 23, Exchanges

2026. We estimate that the U.S. spot Solana ETPs reported no net new flows Kenneth B. Worthington, CFA AC

yesterday. (1-212) 622-6613

kenneth.b.worthington@jpmorgan.com

U.S. Spot Bitcoin ETP Flows Madeline Daleiden

(1-212) 622-4911

We estimate U.S. spot Bitcoin ETP preliminary net redemptions of $225mn on madeline.daleiden@jpmchase.com

Thursday, July 23, 2026, the first instance of daily net outflows in eight trading Michael Cho

sessions. BlackRock’s IBIT drove the bulk of these net outflows, or ~90% (1-212) 622-3619

yesterday, with net outflows of $202mn. There were multiple instances of single- michael.cho@jpmchase.com

digit net outflowing vehicles yesterday which are included in detail in Table 1 J.P. Morgan Securities LLC

below. Note, Morgan Stanley’s MSBT posted net inflows of $5mn, the sole

inflowing vehicle yesterday within the group we track. Finally, the group’s