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Spot Bitcoin and Ethereum ETFs pull in over $1B in best week since April
Spot Bitcoin ETFs added $853.5 million for the week ended Aug. 7, with daily inflows in every session, and BlackRock’s IBIT taking about $693 million of the total.
US-listed spot Bitcoin and Ethereum exchange traded funds attracted more than $1 billion in fresh cash this week, marking their strongest inflow period since April as demand for regulated crypto investment products rebounded, according to CryptoSlate citing SoSoValue data.
Spot Bitcoin ETFs drew $853.54 million during the week ended Aug. 7, their biggest haul in nearly four months. The funds recorded inflows in every session, including $170.09 million on Monday, $211.49 million on Tuesday and $244.42 million on Wednesday, before inflows moderated later in the week.
CryptoSlate reports that total weekly inflows exceeded the roughly $824 million collected during the week of April 24, and were stronger than the week ended April 17 when Bitcoin funds brought in about $996 million.
BlackRock’s iShares Bitcoin Trust, IBIT, accounted for roughly $693 million of the weekly spot Bitcoin total, meaning the firm captured more than four-fifths of the new money flowing into spot Bitcoin funds. CryptoSlate also notes the ETF rebound came days after disclosures of a security flaw affecting Coldcard hardware wallets, with TRM Labs estimating attackers drained about 1,816 BTC, worth roughly $116 million, from more than 5,200 addresses beginning July 30, while other estimates placed losses around $130 million. The outlet adds there is no evidence yet that the Coldcard breach directly caused this week’s ETF inflows.
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