BlackRock Dominates Bitcoin ETF Inflows Amid Market Rebound

US-listed spot Bitcoin ETFs saw a significant surge in August, pulling in $853.54M in net inflows during the week ended August 7, according to CoinGlass data.

This is the strongest weekly haul since mid-April and marks a turnaround from July's decline, when investors withdrew $8.26Bn from US spot Bitcoin ETFs over eight weeks through early July, highlighted by a $4.51Bn outflow in June.

BlackRock's IBIT alone accounted for roughly $693M of the total inflows, with $0.81 of every dollar entering the category coming from this single fund, raising concerns about concentration risk and institutional investors' decisions.

The rebound coincided with two key events: the Coldcard exploit on July 30, which saw attackers drain self-custody wallets with weakly generated seed phrases, and the July jobs report released on August 7, showing a decline in payrolls that made another Federal Reserve rate hike less likely.