Bitcoin spot ETFs see $296M outflow as Grayscale Mini Trust bucks the trend with $36M inflow

US spot Bitcoin ETFs hemorrhaged roughly $296 million on July 1, marking another day of heavy redemptions in what has been a volatile stretch for crypto investment products. The one bright spot in the Bitcoin ETF universe was the Grayscale Bitcoin Mini Trust, which pulled in $36.3 million even as the broader category bled capital.

Meanwhile, Ethereum spot ETFs quietly did the opposite. They posted a net inflow of about $14.8 million on the same day, with BlackRock’s ETHA single-handedly contributing $36.6 million to that total.

The fee advantage is doing the heavy lifting

The Grayscale Bitcoin Mini Trust charges a 0.15% expense ratio, making it one of the cheapest ways to get Bitcoin exposure through a regulated fund. The Mini Trust launched on July 31, 2024, seeded with roughly 10% of the holdings from its much pricier older sibling, the Grayscale Bitcoin Trust (GBTC), which carried a 1.5% fee.

The Mini Trust has consistently attracted inflows during periods when other Bitcoin ETFs saw money walking out the door. July 1 was just the latest example. While every other Bitcoin ETF product was dealing with net redemptions that collectively reached nearly $300 million, the Mini Trust was quietly adding to its pile.

Ethereum ETFs tell a different story

The contrast between Bitcoin and Ethereum ETF flows on July 1 is worth paying attention to. Bitcoin products lost $296 million. Ethereum products gained $14.8 million.

BlackRock’s ETHA did most of the work, bringing in $36.6 million on its own. That number is actually larger than the net Ethereum inflow total, which means other Ethereum ETF products saw some outflows that offset BlackRock’s haul.

What the flow data actually signals

July 1’s numbers fit into a pattern that has been building throughout 2026: significant swings in Bitcoin ETF flows that correspond with price volatility, paired with a steady migration toward lower-fee products. The data, sourced from Farside Investors and consistent across various tracking platforms, paints a picture of a market in transition.

The Grayscale Mini Trust’s ability to attract capital on a day when $296 million left the category is a data point that every ETF issuer’s product team is looking at closely. The Grayscale Mini Trust’s 0.15% expense ratio set the floor early, and every day of inflows it attracts during broader outflows reinforces the message.

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