BlackRock-Backed Bitcoin ETF Sees $338M Inflows Amid Strong Institutional Demand

US spot Bitcoin ETFs saw significant inflows on August 24, pulling in $338 million in net inflows. The majority of this influx came from BlackRock's iShares Bitcoin Trust (IBIT), accounting for $209 million or 62% of the total.

This trend follows previous days with substantial inflows, including $517.2 million and $606.3 million. Ethereum ETFs also saw $116 million in inflows, led by BlackRock's ETHA fund.

These inflows reflect growing institutional interest in crypto through ETFs, which provide exposure to the assets without direct ownership. The sustained inflows are seen as a key indicator of whether Bitcoin's price can maintain its rally momentum, given that it remains above $80,000.