Bitcoin ETF Inflows Surge Led by BlackRock IBIT

Bitcoin ETF inflows just posted their strongest week in months, and the number driving the headline came almost entirely from one fund. Between August 3 and August 7, U.S. spot Bitcoin ETFs pulled in $853.54 million in net inflows, the largest weekly total since mid-April, according to data from SoSoValue. BlackRock’s IBIT alone accounted for $693 million of that sum, meaning roughly 81 cents of every dollar that entered the category landed in a single product.

Key takeaways

• U.S. spot Bitcoin ETFs recorded $853.54 million in net inflows for the week ended August 7, the biggest weekly haul since mid-April.
• BlackRock’s IBIT captured $693 million of that total, roughly 81% of all category inflows.
• Bitcoin traded between about $64,000 and $65,100 throughout the stretch.
• Year-to-date, Bitcoin ETFs are still down roughly $4.5 billion in net outflows, despite the recent rebound.
• A weak July U.S. jobs report cooled expectations of further Federal Reserve rate hikes, a backdrop that may have supported the buying.

Surge in Bitcoin ETF Inflows Driven by BlackRock

The headline figure here answers a simple question: institutional money is coming back, and it’s coming back through one address in particular. The $853.54 million weekly total marks the strongest showing for the category since April, according to SoSoValue figures.