Glassnode: First net outflow from BTC spot ETFs in 2 months, sign of cautious market tone.
Title: First Net Outflow from BTC Spot ETFs in 2 Months, Sign of Cautious Market Tone
July 2, 2025
In a significant shift in the crypto market, Bitcoin (BTC) spot exchange-traded funds (ETFs) experienced their first net outflow in two months. This development, as reported by CoinDesk, reflects a cautious market tone amidst conflicting signals from ETF flows and the spot market [1].
On Monday, the nine spot ether ETFs recorded total net outflows of $465 million, the largest on record, following Friday's $152 million drawdown [1]. This substantial outflow, combined with Bitcoin ETFs bleeding $333 million, suggests that institutional capital is not as sanguine as the spot market, which has seen Bitcoin (BTC) and ether (ETH) prices recoup significant losses [1].
Analysts attribute this cautious stance to concerns over renewed U.S. inflation and a potential labor-market slowdown, which have dampened investors' risk appetite [1]. Despite these concerns, some analysts maintain a largely constructive market outlook, anticipating Fed interest-rate cuts [1]. Data from the CME's FedWatch tool shows that traders have priced in three rate cuts by the January 2026 meeting, indicating the Fed's expected lowering of borrowing costs in three out of the next four meetings [1].
The broader market also saw on-chain stablecoin volume hit a record high of over $1.5 trillion in July, and Uniswap v4 surpassed $100 million in trading volume [1]. Traditional markets, however, saw U.S. stock futures trade flat to positive, indicating a dull open following Monday's 1.3% gain [1].
Looking ahead, several significant events are scheduled, including an AMA session by the Stellar Development Foundation on Reddit, a webinar by Circle on the GENIUS Act, and the release of various macroeconomic data points, such as the ISM services sector data and inflation data from Mexico and Uruguay [1].
References
[1] https://www.coindesk.com/daybook-us/2025/08/05/mixed-signals-as-etfs-bleed-millions-bitcoin-ether-rise-crypto-daybook-americas
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