Key facts
- US spot Bitcoin ETFs recorded $853.54 million in net inflows for the week ended Aug. 7.
- This marks the strongest weekly inflow since mid-April.
- BlackRock's IBIT attracted $693 million of the total inflows.
- Recent negative headlines, including a hardware wallet hack and rising bond yields, have not significantly impacted the spot market.
- A weak U.S. jobs report may encourage continued institutional buying in ETFs.
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) saw $853.54 million in net inflows for the week ended Aug. 7, marking the strongest weekly total since mid-April. BlackRock's iShares Bitcoin Trust (IBIT) accounted for the majority of this activity, attracting $693 million on its own.
This surge in inflows suggests a potential return of institutional demand after significant selling pressure earlier in the year. Despite negative headlines, including a multi-million-dollar hardware wallet hack and rising government bond yields, the spot Bitcoin market has remained resilient. Bitcoin traded around $65,100 as of this writing.
The unexpectedly weak U.S. jobs report for July has tempered expectations of further Federal Reserve rate hikes, potentially creating a more favorable environment for institutional ETF buying. However, the current spike represents only one week of data, and year-to-date, the ETFs remain approximately $4.5 billion in the red. Consistent strong inflows will be necessary for Bitcoin to achieve a meaningful price rally.
Investors will be closely watching the upcoming July U.S. CPI data, scheduled for release on Aug. 12, as it could influence both ETF inflows and Bitcoin's price trajectory.