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BlackRock Lifts Bitcoin ETF Back Up After Heavy Losses

IBIT pulled in a net $209.6 million over four trading days, while the average U.S. Bitcoin ETF buyer is still down 22%, according to Bloomberg Intelligence.

By Luc Vesters
• 2 min read
BlackRock Lifts Bitcoin ETF Back Up After Heavy Losses

Key Takeaways

  • BlackRock clients bought back $273.2 million worth of Bitcoin in two days, after $63.6 million had been sold earlier in the week.
  • IBIT pulled in a net $209.6 million over four trading days and accounted for 79% of daily inflows on July 30.
  • The average U.S. Bitcoin ETF buyer is down 22%, according to Bloomberg Intelligence, with an average cost basis of $82,249.

BlackRock clients bought $273.2 million (€238 million) worth of Bitcoin over two days, after $63.6 million (€55.4 million) had been sold earlier in the week. That reversal pushed IBIT, the largest U.S. spot Bitcoin ETF, back into positive territory just as many ETF investors remain well below their entry price.

IBIT Dominates Inflows

According to Farside Investors, the iShares Bitcoin Trust brought in a net $209.6 million (€182 million) from July 27 through July 30. Across the full group of 13 U.S. spot Bitcoin ETFs, net inflows totaled $203.9 million (€178 million) over the same stretch, which means the rest of the market finished slightly in the red.

The pattern was just as lopsided on a daily basis. On July 30, IBIT accounted for $183.38 million (€160 million) of the $233.13 million (€203 million) in total inflows, or 79% of the day’s flow. SoSoValue data shows that was the biggest daily inflow since July 6.

Arkham’s onchain data tells the same story. The tracker showed redemptions of $8.8 million (€7.7 million) and $54.8 million (€47.7 million) on July 27 and 28, adding up to $63.6 million (€55.4 million) in selling. That was then followed by creations of $89.8 million (€78.2 million) and $183.4 million (€160 million), which lines up with the reported $273.2 million (€238 million) in purchases.

The Average Buyer Is Deep in the Red

Those inflows are landing at a tough moment for the typical ETF holder. Hedgeye shared Bloomberg Intelligence data on July 28 showing that the average U.S. Bitcoin ETF buyer is down 22%. The chart puts the average cost basis for U.S. spot Bitcoin ETF purchases at $82,249 (€71,600), versus a reference price of $64,114 (€55,800).

Bitcoin was trading near $62,907 (€54,800) on Friday, down 2.96% over the previous 24 hours. At that price, the average buyer’s loss widens to roughly 24%. Total unrealized losses across the segment climbed to $16.33 billion (€14.2 billion) on July 20, after unrealized gains in the same group reached a peak of $86.32 billion (€75.2 billion) on October 6, 2025.

Why This Matters

The data shows just how concentrated the U.S. Bitcoin ETF market still is. Based on the context provided, IBIT holds about 734,261 BTC, or 61% of all Bitcoin held by U.S. spot ETFs, and had already crossed more than $50 billion (€43.5 billion) in assets under management by March. For European crypto readers, that matters because it shows how quickly institutional money can pile into one product while smaller funds struggle to keep up.

That concentration also helps explain why IBIT flow data carries so much weight in broader Bitcoin sentiment. When only a few large products drive most of the inflows and outflows, it gives a pretty clear read on how professional investors are positioning their BTC exposure right now. That fits the wider ETF picture, where Bitcoin ETFs are still seeing net inflows, even though the split between funds remains uneven.

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