The new week began with little urgency and plenty of caution.

After a brief improvement in flows last week, investors pulled back again from core crypto exchange-traded fund (ETF) exposure. Bitcoin carried most of the pressure, with large exits from Fidelity, Blackrock and Grayscale funds. Ether also slipped into outflows, while HYPE lost capital after a strong run of demand in recent weeks.

Bitcoin ETFs recorded $424.66 million in net outflows, setting a heavy tone for the week.

Fidelity’s FBTC led the redemptions with a $245.62 million exit. Blackrock’s IBIT followed with $185.50 million in outflows, while Grayscale’s GBTC saw $53.06 million leave the fund.

There were a few offsets, but they were not enough to change the direction of the day. Grayscale’s Bitcoin Mini Trust added $53.38 million, while Vaneck’s HODL brought in $6.14 million. Total bitcoin ETF value traded stood at $2.06 billion, while total net assets closed at $74.79 billion.

The flow picture pointed to renewed caution rather than broad panic. Still, the size of the exits showed that institutional demand remains fragile, especially when trading activity is light.

Fragile July so far for bitcoin ETFs with 4-days apiece of inflows and outflows. Source: Sosovalue

Ether ETFs also ended in negative territory, posting $15.41 million in net outflows. The exit was mainly from Fidelity’s FETH, with no inflows recorded across the group. Total ether ETF value traded reached $430.91 million, while net assets closed at $9.46 billion.

HYPE ETFs added to the day’s red tone with a $3.93 million net outflow, entirely from Bitwise’s BHYP. Total value traded came in at $14.79 million, and net assets closed at $327.79 million.

XRP and solana ETFs saw no trading activity for the day.

The quieter tape was also reflected in broader market data. Glassnode noted that trading activity in U.S. spot ETFs remains in a low- volume regime, with volumes down 78% from their peak and below 2024 levels. That matters. Without stronger participation from other asset classes, a sustained recovery in bitcoin price momentum may be harder to build.

Source: Glassnode

Monday’s flows showed a market still searching for conviction. Bitcoin and ether remain vulnerable to sharp exits, HYPE cooled after recent strength, and the absence of activity in XRP and solana pointed to a cautious start rather than a decisive reset.

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