Bitcoin Fails to Keep Pace with Stocks Despite Reviving ETF Inflows
Despite a broad rally across risk assets, Bitcoin's price gain of 2.15% last week lagged behind that of the S&P 500 and Nasdaq.
The gains came after a weaker-than-expected July payrolls report, according to market-making firm Wintermute.
However, institutional inflows into US spot Bitcoin exchange-traded funds (ETFs) rebounded with $853.5 million in net inflows across five consecutive trading sessions, their strongest weekly performance since mid-April.
Ethereum ETFs also attracted $244.9 million during the week, extending their positive streak to five consecutive weeks.
BlackRock products received more than 80% of the combined Bitcoin and Ethereum ETF inflows, but Wintermute highlighted that these inflows have yet to produce a stronger price response from BTC.