Regulated Crypto ETFs Soar to $1B in Best Week Since April
Regulated Bitcoin and Ethereum exchange-traded funds (ETFs) pulled in over $1 billion in new cash during their strongest week since April. This influx of money comes as the world's largest asset manager, BlackRock, dominated the market with its iShares Bitcoin Trust, accounting for roughly $693 million of the weekly total.
According to data from SoSoValue, spot Bitcoin ETFs attracted a total of $853.54 million during the week ended August 7, surpassing the $824 million collected in the week of April 24 and marking their strongest inflows since the week ended April 17 when they drew about $996 million.
BlackRock's iShares Ethereum Trust also saw significant inflows, attracting roughly $203 million during the week, which is more than 80% of the category's total inflows. This resurgence in demand marks a sharp improvement from weaker flows experienced throughout the summer and indicates that investors are rebuilding exposure through Wall Street's regulated vehicles.
The renewed interest in ETFs comes just days after a security flaw affecting Coldcard hardware wallets was disclosed, which led to attackers draining roughly 1,816 BTC worth about $116 million. While there is no evidence yet that the breach directly caused this week's ETF inflows, it has brought attention to the trade-off between self-custody and institutional custody among investors.