Bitcoin ETFs just bled $265M in a brutal 24 hours, and Ethereum’s supposed rescue is another BlackRock illusion

U.S. spot Bitcoin funds posted net outflows of $265.4 million on July 31, reversing a $233.1 million inflow the previous session. Ethereum showed a $9 million net inflow, but only because BlackRock's staked Ethereum fund drew more than the group gained overall.Every Bitcoin product displayed in Farside's July 31 table was flat or negative. BlackRock's IBIT lost $122.7 million, Fidelity's FBTC lost $54.8 million, and Grayscale's GBTC lost $52.6 million. BITB and ARKB lost another $17.8 million and $17.5 million, respectively.BlackRock's iShares Staked Ethereum Trust ETF, or ETHB, moved the other way with a $15.4 million inflow. FETH, ETHW and Grayscale's mini Ether trust lost a combined $6.4 million, while every other displayed Ether product was flat. Without ETHB, the group would have ended the day in outflow.One fund, not a rotation signalThe five trading sessions from July 24 through July 30 offer little evidence of a persistent shift toward Ether. Bitcoin funds lost a combined $36.2 million, while the Ethereum products lost $69.7 million.The wider 10-session window, from July 20 through July 31, was more favorable for Ethereum. Those funds gained $113.8 million as Bitcoin funds ...