Money is flowing back into crypto exchange-traded funds. US spot bitcoin and ether ETFs recorded combined net inflows of roughly $1.1 billion last week, the strongest weekly performance since April, according to The Block. Trading volume, however, remained subdued.
Bitcoin $853.5M, Ether $244.9M: BlackRock Takes Over 80%
Breaking it down, spot bitcoin ETFs saw net inflows of about $853.5 million last week, with inflows on every single trading day of the five-day week. Ether ETFs added roughly $244.9 million, stretching their net inflow streak to five consecutive weeks. BlackRock's IBIT and ETHA alone absorbed about $896 million, more than 80% of the total inflow, as capital continued to concentrate heavily toward the market leaders.
Price Up, Volume Down: Inflows Return but Trading Stays Quiet
Alongside the inflows, bitcoin ETF trading volume actually fell about 9% to roughly $8.19 billion, a pattern of rising prices on shrinking volume. Bitcoin gained about 3% last week and briefly touched an August high above $65,300 on Friday. The backdrop: US July nonfarm payrolls unexpectedly fell by 23,000, prompting traders to price out a September rate hike and lifting risk assets. ABMedia previously reported that crypto ETFs had ended an eight-week outflow streak in July; buying has now resumed with greater force.