Crypto
BlackRock-Backed Fund Drives Surge in Bitcoin ETF Inflows
Bitcoin's spot ETFs have seen their strongest week in months, pulling in $853.54 million in net inflows between August 3 and August 7.
The surge was almost entirely driven by BlackRock's IBIT fund, which captured $693 million of the total inflows, accounting for around 81% of all category inflows.
Despite this significant increase, Bitcoin ETFs are still down roughly $4.5 billion in net outflows year-to-date due to earlier selling pressure.
The recent rebound may be attributed to a weak U.S. jobs report for July, which cooled expectations of further Federal Reserve rate hikes and made risk assets more attractive relative to yield-bearing alternatives.