Bitcoin and Ether ETFs split hard on July 28: money left bitcoin funds and rotated into ether, while leveraged traders across both coins got liquidated at one of the sharper paces this month, one day before the Fed's July 29 rate decision.
What happened to Bitcoin and Ether ETF flows on July 28?
Spot Bitcoin ETFs recorded a net outflow of $11.6 million while spot Ether ETFs pulled in a $9.2 million net inflow. The split marks a second straight session where institutional money favored ether over bitcoin, even as both assets traded lower on the day. BlackRock's funds led both sides: IBIT accounted for most of the bitcoin outflow, and ETHA drove the bulk of the ether inflow.
The $11.6 million bitcoin outflow and $9.2 million ether inflow were confirmed across multiple crypto ETF trackers for the July 28 session.
How much got liquidated in crypto on July 28?
Roughly $980 million in leveraged crypto positions were forced closed over 24 hours, and longs took the brunt of it: about 79% of the total came from long liquidations, only 21% from shorts. Bitcoin and Ether each accounted for close to $300 million. A separate tracker counted a $700 million total and more than 165,000 traders affected, different methodology, same conclusion: long positions got run over hard.
The $980 million total with a 79/21 long-short split came from one tracker; a roughly $700 million count with over 165,000 traders affected came from another, lower in total but pointing the same direction, both tied to the slide into Wednesday's Fed decision.
What does the Fear and Greed Index show?
The Crypto Fear and Greed Index sits at 29, still in Fear territory, essentially unchanged from the prior session's reading near 28 to 30. Sentiment has improved from the extreme fear readings seen a few weeks ago but has not shifted into neutral. Traders are cautious, not panicked, and that caution lines up with the long-liquidation-heavy data above: people are de-risking ahead of the Fed, not aggressively shorting into it.
The reading of 29, Fear was confirmed across multiple index providers for July 28, with a range of 28 to 34 depending on methodology.
What are large wallets doing right now?
OpticAlpha's mega wallet tracker shows large holders net short, with a bias reading of -0.44. Long equity across tracked wallets totals $2.02 billion against $2.66 billion of short equity. Ether and bitcoin are the two largest single positions, both skewed short, while HYPE shows an even wider short lean. This data draws on OpticAlpha's own on-chain wallet tracking rather than a public exchange feed, but it lines up directionally with the liquidation and sentiment data above.
How did the stock market react on July 28?
The VIX fell to 17.98, down nearly 3.7% on the day, a sign equity traders were not panicking either heading into the Fed's decision. That is a calmer reading than the volatility spikes seen earlier in July when chip stocks were selling off hard. Crypto and equities are telling a similar story right now: cautious, waiting, not fully hedged for a surprise.
The 17.98 VIX close, down 3.69% reflected the calmer tape heading into Wednesday's 2:00 PM ET FOMC decision.
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