Morning Minute: BTC and ETH ETFs Flip Green After Lengthy Outflow Stretch

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. 

GM!

Today’s top news:

• Crypto majors fall 1-3% after overnight selloff; BTC at $63k
• BTC ETFs flip to net inflows after brutal 2-month stretch
• NEAR activated its v2.13.0 mainnet upgrade
• Zcash confirmed July 28 as the date for its Ironwood upgrade
• Robinhood Chain sees $2B+ in DEX volume over weekend with over 800k active addresses

📈 The ETFs Finally Flipped Green as Institutional Buyers Return

U.S. spot Bitcoin ETFs closed their first positive week since May, taking in roughly $197M on a net basis after bleeding $527 million the week prior.

The ETH ETFs did the same, pulling in about $84M after a small net outflow the previous week, bringing the combined haul across both to roughly $282 million. It’s not the biggest number, but welcome relief after such a lengthy bleedout.

Digging in, Bitcoin ETFs opened with a $265.7 million inflow on Monday and added $21.5 million on Tuesday, then gave back ground midweek during the Iran escalation, with $84.9 million out on Wednesday and $95.3 million out on Thursday, before closing Friday with a $90.4 million inflow. BlackRock’s IBIT led the buying on both green days, adding $209.4 million on Monday and $86.8 million on Friday. IBIT was the single largest source of June’s record outflows, so its return to the bid side is meaningful.

Bitcoin rebounded to $64,000 on the back of the flows this week before retracing to just under $63,000 overnight. It’s a big week week ahead, with Tuesday’s CPI print marking the last major data point before Warsh’s July 28-29 FOMC. If inflation cools, the flows likely keep building, and the path opens toward the June peak near $67,250. If it runs hot, this bounce gets tested quickly.

🌎 Macro Crypto and Markets

• Crypto majors are down 1-3% after an overnight selloff; BTC -2% at $63k; ETH -1% at $1,780; SOL -1% at $76; HYPE -3% at $65
• PUMP (+8%), BCX (+7%) and ADI (+7%) led top movers; ARB (+18%) and ZEC (+15%) were among the biggest winners of the week
• Oil +3.5% at $74; Gold -1% at $4,070
• Stock futures are red as the Iran War escalates again; DOW flat, Nasdaq -0.9%
• Bitcoin’s BIP-110 soft fork faces an early-August deadline with miner support at zero, the proposal to cap non-financial data on the chain never having drawn above 1%
• Meta’s chief data officer called agentic commerce the potential “next tier of business” for the company, saying stablecoins are central to a future without physical wallets, with over a million weekly active businesses already using Meta’s AI agents

Corporate Treasuries & ETFs

• The Bitcoin ETFs saw $197M in net inflows last week including $90M on Friday; the ETH ETFs saw $84M in inflows, including $18M on Friday

Meme Coin Tracker

• Meme leaders were mostly red on the week, down 5-10%; DOGE -6%, SHIB -4%, PEPE +1%, PENGU -11%, TRUMP -7%, BONK -17%
• Robinhood chain memes rebounded after a weekend selloff; Cashcat -6% to $160M, Juggernaut +50% to $15M, Hoodrat +45% to $12M and RMI +220x to $7M
• ANSEM rebounded 25% to $250M leading Solana movers; TripleT +20% and febu +60% were other notable Solana movers

📈 Myriad Market of the Day

💰 Token, Airdrop & Protocol Tracker

• Robinhood Chain sees over $2B in DEX volume over the weekend with over 800k active addresses
• NEAR activated its v2.13.0 mainnet upgrade, adding post-quantum signature support, automatic shard scaling, and a redesigned gas payment system
• Zcash confirmed July 28 as the date for its Ironwood upgrade, the fix for the Orchard shielded-pool counterfeiting issue that crashed ZEC last month
• Backpack launched 24/7 trading of tokenized US stocks, with SpaceX, Micron, and SanDisk backed by real shares on Solana, while SK Hynix’s tokenized shares went live across Telegram Wallet, Backpack, and Ondo Finance

🚚 What is happening in NFTs?

• NFT leaders were mixed; Punks even at 32.4 ETH, BAYC -4% at 8.9 ETH, Pudgy -3% at 4.4 ETH; Hypurr’s -6% at 287 HYPE
• Murakami Flowers (+23%) and Squiggles (+13%) led top movers
• New Robinhood NFT sets jumped including Robbin Hood Babies (+160%) and Onchain Hoodies (+27%)