Cryptocurrency Markets: July 28 Spot ETP Flows: Net Redemptions Out of BTC, SOL ETPs Drag Fund Flows Yesterday ($64mn Combined); WTD Outflows Now Tracking ~$66mn

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Cryptocurrency Markets: July 28 Spot ETP Flows: Net Redemptions Out of BTC, SOL ETPs Drag Fund Flows Yesterday ($64mn Combined); WTD Outflows Now Tracking ~$66mn

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

29 July 2026

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Cryptocurrency Markets

July 28 Spot ETP Flows: Net Redemptions Out of BTC,

SOL ETPs Drag Fund Flows Yesterday ($64mn

Combined); WTD Outflows Now Tracking ~$66mn

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

redemptions of $50mn and net sales $3mn, respectively, on Tuesday, July 28, 2026. Exchanges

We estimate that the U.S. spot Solana ETPs reported net redemptions of $18mn 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 $50mn on madeline.daleiden@jpmchase.com

Tuesday, July 28, 2026, the fourth consecutive day of net outflows. BlackRock’s Michael Cho

IBIT was the sole net outflower with $55mn of net redemptions posted yesterday. (1-212) 622-3619

The only other net flowing vehicle was Grayscale’s mini BTC, which attracted michael.cho@jpmchase.com

$5mn in net flows, offsetting BlackRock’s IBIT. All-in, the group’s assets ended J.P. Morgan Securities LLC

yesterday’s session at $77,220mn, lower sequentially, as Bitcoin’s price fell 1.6%

during yesterday’s session, per Bloomberg pricing. The group’s notional trading