Bitcoin ETFs Surge to $626M as August Sees Renewed Demand
US-listed spot Bitcoin exchange-traded funds (ETFs) saw significant net inflows at the start of August, totaling $626 million across the first three trading days. This marks a rebound for the category after a punishing stretch in May and June when they bled more than $8 billion. The funds' lifeline was boosted by BlackRock's iShares Bitcoin Trust, which supplied roughly $479 million of that total and brought its lifetime net inflows to nearly $61 billion.
The August rebound follows a tumultuous period for the crypto market, with July being the first positive month since April. During this time, the price of Bitcoin hovered around $64,700, while the wider crypto market was valued at approximately $2.29 trillion. Interestingly, sentiment did not follow suit, as the Crypto Fear and Greed Index slipped to 25, indicating an 'Extreme Fear' band reading.