Bitcoin ETF Inflows Reach Four-Month High at $1 Billion
U.S. spot Bitcoin ETFs recorded about $1 billion in net weekly inflows, the highest since April.
The funds drew in a staggering $853.5 million over five consecutive days from August 3 to August 7, indicating renewed institutional demand for Bitcoin.
The majority of the inflows were concentrated across major funds like BlackRock's IBIT and Fidelity's FBTC.
According to Balchunas' analysis, several funds have drawn inflows daily since the Coldcard wallet exploit on July 30, which affected only certain Bitcoin cold storage wallets. However, The Block doubts that this explains ether ETF inflows.
The combined $1.1 billion inflow week was the strongest for either category since April, with BlackRock's IBIT accounting for $693.7 million of the total BTC fund inflows, or more than 80%.