Bitcoin exchange-traded funds (ETFs) pulled in $853.54 million in net inflows for the week ended Aug. 7, the largest weekly total since mid-April, according to data from SoSoValue.
BlackRock’s IBIT accounted for the bulk of the activity, attracting $693 million on its own.
This surge in inflows offers a tentative sign that institutions are dipping back in after the heavy selling earlier this year.
Recent bitcoin price action has looked more constructive. Negative headlines, including a multi-million-dollar Coldcard hack and rising government bond yields, have failed to dent the spot market. Bitcoin held steady at around $64,000 early this week and traded at around $65,100 as of this writing.
Friday’s unexpectedly weak U.S. jobs report for July has cooled bets on further Federal Reserve rate hikes for now, potentially clearing the path for continued institutional buying in ETFs.
What next?
The latest spike in inflows…
