Spot Bitcoin (BTC) ETFs in the U.S. experienced $13.7 million in net outflows on July 2, marking the end of a five-day positive streak amid a bearish day for BTC.

According to data from Farside Investors, these investment products recorded negative net flows of $13.7 million on July 2. This followed a strong start to the month, with $129.5 million in capital inflows on July 1, the highest in nearly a month.

The recent bearish trend was heavily influenced by the underperformance of the Grayscale Bitcoin Trust (GBTC), which saw $32.4 million in net outflows, its largest since June 24. This cumulative net outflow follows five consecutive days of inflows. Between June 13 and 24, spot BTC ETFs lost $1.134 billion in capital, leading to a five-day winning streak that has now ended.

“Notably, the Bitwise Bitcoin ETF (BITB) contributed to the negative net flow on July 2, recording $6.8 million in net outflows. Other investment products either saw zero flows or experienced mild inflows.”

The Fidelity Wise Origin Bitcoin Trust (FBTC), the VanEck Bitcoin Trust (HODL), and the Ark 21Shares Bitcoin ETF (ARKB) helped reduce the net outflow for the day. FBTC received inflows of $5.4 million, while HODL and ARKB recorded $3.5 million and $2.5 million in net inflows, respectively.

Despite the bearish trend, the iShares Bitcoin Trust (IBIT) from BlackRock maintained its strong performance, seeing $14.1 million in positive net flows on July 2. This compensated for the zero flows recorded on July 1. IBIT last experienced a net outflow on June 21, following a $3.06 million net outflow on May 7 and $38.68 million on May 1.

The ETF outflows on July 2 coincided with a resumption of BTC selling pressure. After three days of gains, BTC dropped 1.22% on July 2, falling below the $63,000 mark. With a subsequent 2.09% decline this morning, Bitcoin is now down 3.12% in July, currently trading at $60,820.

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