Milk Road Crypto Bitcoin ETFs Are Bleeding, But These 3 Altcoins Are Still Pulling In Cash w/ James Seyffart
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Jul 2, 2026 
James Seyffart, senior research analyst at Bloomberg Intelligence who tracks ETFs and crypto flows, joins to unpack market movement. He explains why institutional money is leaving Bitcoin ETFs. He contrasts ETF flow behavior with price action. He highlights why Solana, XRP and Hyperliquid ETFs are still drawing fresh capital.
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Bitcoin ETPs Are Experiencing Accelerating Outflows
- Bitcoin ETP outflows accelerated after peaking in October and are now ~ $11B down from the high, reflecting heavy selling rather than simple profit-taking.
- James Seyffart points to unwind of basis trades, declining futures open interest, and multi-day mega outflows (e.g., $700M on June 25).
ETF Flows Mostly Track Price Direction
- ETF flows tend to amplify price moves: equities or single-asset ETFs see inflows when price rises and outflows when it falls.
- Seyffart notes leveraged ETFs invert this pattern, but spot BTC/ETF flows have correlated tightly with Bitcoin price.
Multiple Forces Are Driving ETF Redemptions Now
- Outflows are accelerating, not slowing, with several large daily redemptions and potential pressure from Strategy's STRC product and competing market attention (AI, space).
- Seyffart cites consecutive large daily outflows and shifting investor attention as multiple causes.