Two red primary-market days in a row. Farside Investors logged −$240.1 million of net outflows from U.S. spot Bitcoin ETFs on July 24, larger than Thursday’s −$225.1 million that had already cut short a seven-session creation streak. Spot has since flattened out rather than followed: Crypto.com Exchange settled Friday at $64,142.01, and BTC/USDT was trading near $64,389 late on Saturday, a shade above that close.
IBIT and Fidelity carry almost the whole print
Friday’s product mix was even more concentrated than Thursday’s. BlackRock’s IBIT redeemed −$212.2 million. Fidelity’s FBTC added −$27.9 million. Every other listed product in the Farside table printed $0 for the session: Bitwise, ARK/21Shares, Invesco, Franklin, Valkyrie, VanEck, WisdomTree, Morgan Stanley, and both Grayscale wrappers. When two large issuers redeem and the rest sit flat, the complex total is simply the sum of those two lines.
Stack the two sessions. July 23’s −$225.1 million and July 24’s −$240.1 million sum to about −$465 million over two cash days. That is still smaller than the prior seven-day creation run of roughly $999 million (July 14 through July 22), so the stretch from the July 14 CPI-era flip through Friday is still net positive by about $534 million. Primary-market flows measure authorized-participant creations and redemptions; they are not every secondary-market trade. Two concentrated redemption days do reprice the recovery’s near-term bid without erasing the prior week’s demand for stock.
Spot steps from $66K settles to the low $64Ks
Settled Crypto.com 1D closes map the give-back. July 21 locked $66,562.29, the first settle above $66K in this rebound. July 22 held $66,112.41. July 23 stepped to $65,099.47. Friday finished at $64,142.01, about 1.5% under Thursday’s settle, after a session high near $65,813 and a low near $63,723. That low undercut Thursday’s $64,634 floor and was the softest print since July 17.
Saturday’s candle is still forming. As of ~23:50 UTC on July 25, BTC/USDT last near $64,389 on Crypto.com, about 0.4% above Friday’s settle, inside a quiet weekend range of roughly $63,802 to $64,449. Ethereum settled Friday at $1,861.42 after Thursday’s $1,878.36, and traded near $1,875 at the same Saturday snapshot. Those Saturday marks are intraday; the July 25 daily candle does not settle until 00:00 UTC. U.S. spot Bitcoin ETF wrappers do not create or redeem on Saturday or Sunday, so the next primary-market print lands on the following cash session.
Chart: price softens, mood eases to 27
The series pairs settled daily closes (and Saturday’s still-forming candle) with the Crypto Fear & Greed Index. Price peaked on the July 21 settle above $66K, then stepped lower through Friday’s $64,142 close before Saturday steadied in the low $64Ks. The once-daily mood composite followed: 27 (Fear) on the latest reading, down from 28 (Fear) on Friday and 31 on Thursday.
BTC price vs the Crypto Fear & Greed Index, July 18–25. The July 25 point is an intraday read as of ~23:50 UTC, not a settled close. Sources: Crypto.com Exchange 1D candles and alternative.me.
A Fear reading at 27 still describes a cautious book. The rebound that carried price from a $62,342 close on July 13 into a $66K settle continues to sit ahead of the mood composite; the two series have not locked into shared confidence.
What the next cash session will show
The Federal Reserve’s late-July policy meeting remains on the calendar (July 28–29, with the decision on the 29th). This week’s tape has been more about the post-CPI creation run and its two-day unwind than a rewritten rate path. A seven-day streak that nearly printed $1 billion net, then gave back about $465 million across Thursday and Friday with IBIT carrying the bulk both days, is a recovery that can reverse session to session without a new macro headline.
None of this is a forecast. Creations can return when U.S. cash equity hours reopen, and a weekend candle near $64K can settle above or below where it prints now. For now the instrument reading is plain: two consecutive redemption days totaling about −$465 million, Friday’s print −$240.1 million with IBIT and FBTC as the only active lines, spot settled $64,142 after a $66K peak earlier in the week, and the mood gauge at Fear 27. That is description, not a recommendation.
