BlackRock's IBIT Captures Majority of $853 Million Bitcoin ETF Inflow

US spot Bitcoin exchange-traded funds (ETFs) pulled in $853.54 million during the week ending August 7, marking their strongest weekly inflow since mid-April.

The surge was driven by BlackRock's iShares Bitcoin Trust (IBIT), which accounted for $693 million of the total, cementing its position as the dominant vehicle in the spot Bitcoin ETF market.

Bitcoin prices stabilized near $64,000 to $65,100 during the week, defying a string of negative headlines that might have been expected to rattle the crypto market.

The influx of capital came despite a multi-million-dollar hack involving Coldcard wallets and rising bond yields, which failed to knock the cryptocurrency off its perch.