Cryptocurrency Markets: July 24 Spot ETP Flows: Daily Net Redemptions ($311mn) Plague End of Week, but Week Ended July 24 Remained Marginally Positive at ~$143mn Total

研报英文原文证据摘录

Cryptocurrency Markets: July 24 Spot ETP Flows: Daily Net Redemptions ($311mn) Plague End of Week, but Week Ended July 24 Remained Marginally Positive at ~$143mn Total

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

27 July 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the

territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Cryptocurrency Markets

July 24 Spot ETP Flows: Daily Net Redemptions

($311mn) Plague End of Week, but Week Ended July

24 Remained Marginally Positive at ~$143mn Total

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

redemptions of $240mn and $71mn, respectively, on Friday, July 24, 2026. We Exchanges

estimate that the U.S. spot Solana ETPs reported no net new flows on Friday. 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 redemptions of $240mn on (1-212) 622-4911

Friday, July 24, 2026, a second consecutive day of net outflows. The net madeline.daleiden@jpmchase.com

redemptions were concentrated, led predominantly by BlackRock’s IBIT, which Michael Cho

shed $212mn on Friday, or ~88% of the daily net flows. Fidelity’s FBTC rounded (1-212) 622-3619

out the group’s net daily flows with net redemptions of $28mn. Bitcoin’s price shed michael.cho@jpmchase.com

1.5% on Friday, dragging the token down to $64.1k, but we now see the token J.P. Morgan Securities LLC

tracking higher at time of publication, near ~$65.0k. Finally, the group’s notional