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The Polylog Crypto Intelligence Brief

Morning Edition · Saturday, July 25, 2026Published at 1:44 AM EDT · New York

Bitcoin ETF Buying Streak Ends With $225 Million in Outflows, Led Almost Entirely by BlackRock

BlackRock's iShares Bitcoin Trust accounted for about 90 percent of the July 23 redemptions, even as Morgan Stanley's newer fund kept taking in fresh cash toward $400 million in assets.

Bitcoin ETF Buying Streak Ends With $225 Million in Outflows, Led Almost Entirely by BlackRock

United States spot bitcoin exchange-traded funds (ETFs) recorded $225 million in net outflows on July 23, ending a seven-session run of inflows. BlackRock's iShares Bitcoin Trust drove nearly the entire reversal, posting a $202 million net…

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Spot ETFs Concentrate Bitcoin's Marginal Demand

As institutional bitcoin exposure routes through a few large spot ETFs, single-issuer flows increasingly set the marginal price, amplifying moves and tying crypto more tightly to traditional macro drivers.