Bitcoin and Ethereum ETFs See Largest Inflows Since May

The cryptocurrency market experienced a mixed weekend, but saw significant inflows into Bitcoin and Ethereum Exchange-Traded Funds (ETFs). According to recent data, spot Bitcoin ETFs pulled in around $854 million last week, marking their strongest week since the spring. This is the first genuinely large inflow for these funds since an eight-week outflow streak that lasted from June to early July.

The Ethereum ETFs saw even more impressive net inflows of around $244M last week. On a market-cap adjusted basis, this equates to roughly $1.25B in BTC inflows. The recent positive earnings reports and a weaker-than-expected July jobs report contributed to a significant shift in the September rate hike odds, with these odds falling from 67% to 42%. This development is seen as an important step towards officially putting the bottom in and turning this bear market around.