Bitcoin ETFs Soar to Record Inflows Amid Growing Demand

U.S.-based spot Bitcoin ETFs have seen significant inflows over the past week. On August 24, they drew in $337.6 million, marking the sixth consecutive session of net inflows. This brings the total to around $2.26 billion since August 17.

The two largest contributors, BlackRock's IBIT and Fidelity's FBTC, captured nearly 93% of the day's total with a combined $313.5 million. They have been at the forefront of this trend, but it remains to be seen if other issuers will join in and provide stronger evidence that demand is expanding beyond these two largest contributors.

The weekly demand for ETFs from CryptoQuant data puts it at 26,762 BTC, which is roughly 8.5 times new miner issuance of around 450 BTC per day. This imbalance could tighten the available supply of Bitcoin if the pace continues.