Bitcoin traders are adopting a more defensive stance as the 15-day inflow streak into U.S. spot Bitcoin exchange-traded funds (ETFs) came to an end . According to data from SoSoValue, the 12 U.S.-listed spot Bitcoin ETFs recorded a combined $342.25 million in net outflows on July 1 . This marked the end of a robust 15-day inflow streak that had brought in a cumulative $4.73 billion into the funds since mid-June .
Fidelity's FBTC led the withdrawals with $172.73 million in outflows, followed by Grayscale's GBTC, which saw $119.51 million redeemed . ARK 21Shares' ARKB and Bitwise's BITB also contributed to the net redemptions, recording outflows of $27.03 million and $22.98 million, respectively . Notably, BlackRock's IBIT, the top-performing ETF during the recent inflow streak, saw zero net movement on the day .
In contrast, spot Ethereum ETFs recorded a third consecutive day of net inflows . On Tuesday, ETH-focused funds collectively attracted $40.68 million . The majority of these inflows came from BlackRock's ETHA, which posted $54.84 million in net additions, and Grayscale's ETHE, which added $9.96 million . These gains were partially offset by $24.11 million in outflows from Fidelity's FETH .
The sharp reversal in Bitcoin ETF flows coincided with the U.S. Senate's passage of the so-called “Big Beautiful Bill” on July 1, a sweeping $3.3 trillion spending package passed with a narrow 51–50 vote . The absence of crypto-related language in the legislation, despite initial optimism, may have contributed to the profit-taking seen across Bitcoin-related funds .
Together with negative ETF flows, “limited leveraged ETF flows signal low leverage and modest yields,” K33 Research said in their latest Ahead of the Curve report, adding: “These suggest limited immediate risk of leveraged-driven market squeezes” . Crypto futures market activity remains muted over the past week, with BTC Binance futures annualized premiums dropping to a 21-month low of 3.9% on July 1, Glassnode data shows .
This defensive stance is also reflected in the crypto options market, where put options volumes outweigh call options, suggesting investors are buying protection against potential price declines .