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Bitcoin (BTC) traded at $65,675.22 at the time of writing after BlackRock’s iShares Bitcoin Trust (IBIT) recorded $202.5 million in net outflows, ending a seven-session inflow streak that helped fuel nearly $1 billion in net inflows across US spot Bitcoin exchange-traded funds (ETFs). The withdrawal marked IBIT’s largest daily outflow since institutional demand rebounded earlier this month.
Despite the outflow, Bitcoin held near the $65,000 level instead of extending its recent decline, suggesting broader market demand remained resilient. US spot Bitcoin ETFs collectively recorded about $225 million in net outflows during the session, with BlackRock accounting for almost all of the withdrawals.
IBIT has been the largest contributor to recent spot Bitcoin ETF inflows, making Thursday’s outflow a notable shift after several sessions of sustained institutional buying. A single outflow does not establish a new trend, particularly after several consecutive sessions of strong inflows, but it offers an early indication of whether institutional buyers remain willing to add exposure as Bitcoin approaches key resistance.
BREAKING: BlackRock's Bitcoin ETF just recorded $202.5 million in net outflows.
After leading nearly $1 billion of Bitcoin ETF inflows over the past seven trading days…
The biggest institutional buyer has finally seen money leave the fund.
One day doesn't change the trend.… pic.twitter.com/kb1Hjj53ri
— That Martini Guy ₿ (@MartiniGuyYT) July 24, 2026
The timing also coincides with Bitcoin slipping below the $65,700 area earlier in the session before recovering toward that level. ETF flows were not the only driver of Thursday’s price action. Instead, buyers continued defending support even as the ETF outflow weighed on market sentiment.
Bitcoin also remained relatively resilient during Thursday’s sharp selloff in US technology stocks. The Magnificent Seven collectively lost nearly $800 billion in market value after renewed concerns over AI infrastructure spending, while Bitcoin posted only modest losses and continued trading near its weekly highs. That divergence contrasts with much of July, when Bitcoin frequently moved alongside semiconductor and AI-related equities.
🚨 Over $700 BILLION has been wiped out from Asian stock markets in the last few hours.
Here's why Asian markets are crashing:
1. Asian markets extended the S&P 500's losses as tech stocks sold off yesterday amid renewed AI spending.
2. Concerns about high energy costs as… pic.twitter.com/Cc2D3Dqwpn
— Bull Theory (@BullTheoryio) July 24, 2026
Bitcoin continues to trade above its 50-day exponential moving average (EMA) near $65,145, maintaining its short-term recovery trend. Buyers have repeatedly defended that area over the past several sessions, making it the first level to watch if selling pressure increases.
Momentum indicators also lean positive. The relative strength index (RSI) stands near 53, recovering from recent weakness while remaining well below overbought territory, suggesting there is still room for further upside. The moving average convergence/divergence (MACD) remains above its signal line with a positive histogram, indicating buyers retain the near-term advantage, although the narrowing gap between the MACD and signal line suggests momentum has eased following the latest advance.
The next resistance sits near the 100-day EMA around $67,980, followed by the 200-day EMA near $74,094, both of which have capped previous recovery attempts. On the downside, a sustained move below the 50-day EMA could shift attention back to the $64,000 support zone, where buyers previously stepped in to stabilize the market.
Onchain indicators remain less convincing than Bitcoin’s recent recovery.
CryptoQuant data shows 57.5% of Bitcoin’s circulating supply has returned to profit, up from 46.2% at the end of June. The improvement reflects the recent recovery, but previous bear market reversals since 2012 generally occurred only after that metric climbed above roughly 64%. At the same time, the Long-Term Holder Spent Output Profit Ratio remains below 1.0, indicating older holders have not yet reached the historical threshold that previously confirmed durable trend reversals.
The recovery in ETF demand has yet to be matched by broader onchain participation. While institutional demand has strengthened compared with June, onchain data still suggests the broader recovery has not reached the same level seen during previous market cycle transitions.
BlackRock’s outflow deserves attention because IBIT has become the largest gateway for institutional Bitcoin exposure. Even so, daily ETF flows rarely determine market direction on their own. Broader macro conditions, equity market sentiment, liquidity, and onchain positioning continue to influence Bitcoin alongside fund flows.
The next few ETF trading sessions will determine whether Thursday’s outflow was an isolated event or the start of a broader shift in institutional demand. If inflows return after Thursday’s pullback, the latest redemption may prove to be a temporary pause following a strong buying streak.
If outflows broaden across multiple funds while Bitcoin loses support around its 50-day EMA near $65,145, institutional demand would appear less resilient than recent inflow figures suggested. Together, ETF flows and Bitcoin’s ability to hold that support level will provide the clearest indication of whether buyers remain committed after Thursday’s $202.5 million IBIT outflow.
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