Spot Bitcoin ETFs in the U.S. recorded their largest weekly outflow in six weeks even after softer inflation data, a sign that crypto investors were cutting risk rather than chasing a rate-cut narrative. From Aug. 10 to Aug. 14, spot BTC ETFs posted net outflows of $389.7 million, while Bitcoin fell about 3% for the week and closed Sunday near $62,800, according to a Coinstack report translated by TechFlow.
The report says the market is now waiting for several events that could shape direction: U.S. President Donald Trump’s crypto summit on Aug. 19, the FOMC minutes on Aug. 20, and the Jackson Hole symposium from Aug. 27 to Aug. 29.
Cooling inflation did not bring a BTC rebound
Coinstack described the week as a disconnect that could matter for September trading. July CPI and PPI both came in soft on Wednesday and Thursday. Under a more familiar macro script, that would have supported Bitcoin and other risk assets. Instead, capital left the largest crypto ETF segment.
Spot Bitcoin ETFs saw $389.7 million in net outflows during Aug. 10-14, the biggest weekly withdrawal in six weeks based on SoSoValue data. Spot Ethereum ETFs also posted a small net outflow of $2.26 million over the same period. Solana ETFs moved the other way, taking in $10.26 million, with Aug. 10 marking the largest single-day inflow since May.
Coinstack says allocators were reducing exposure ahead of Jackson Hole instead of leaning into softer inflation prints and a potential easing trade. The report also notes that within the same 72-hour window, the CLARITY Act, the SEC’s proposed crypto rule, and a tokenization exemption all stalled at once.
In a prior Coinstack poll cited in the piece, regulation led the weekly vote, with the CLARITY Act option taking 43.75% of responses.
Weekly dashboard: ETH held up better, XRP lagged
In the report’s weekly market dashboard through Aug. 16, Ether was labeled the best-performing large-cap token, though it still fell 1.8%. ETH closed Sunday near $1,874. Coinstack attributed its shallower pullback among the four largest tokens to softer inflation data and lighter ETF selling pressure.
XRP was the weakest large-cap name, down 3.5% on the week to $0.99, slipping below the $1.00 level. The report tied that move to a drop in the probability of CLARITY Act cloture to 19% and a modest $2.25 million weekly inflow into XRP ETFs.
The report identifies two market drivers: softer CPI and PPI failed to spark a rally, and ETF outflows resumed just as the SEC delayed a vote on its crypto rule, keeping institutional positioning defensive.
Why the Bitcoin ETF outflow stood out
Fund flow backdrop
According to SoSoValue, U.S. spot Bitcoin ETFs lost $389.7 million from Aug. 10 through Aug. 14, the largest weekly outflow in six weeks. Total net assets for U.S. spot Bitcoin ETFs stood near $76.6 billion as of Aug. 14.
The withdrawals came even though the macro backdrop did not read as clearly bearish. After the CPI release, CME FedWatch lowered the probability of a September rate hike to 42%, and Treasury yields fell across the curve. Even so, money continued to leave spot BTC funds.
What investors are watching
Coinstack says the next question is whether the outflow pattern persists into the Aug. 27-29 Jackson Hole symposium. The report says flows could reverse quickly if Fed Chair Kevin Warsh delivers a dovish signal there. It also says a second straight week of Bitcoin ETF outflows above $200 million would confirm the start of a broader de-risking cycle.
July inflation data matched expectations but did not unlock a bigger easing trade
U.S. Bureau of Labor Statistics data showed July CPI rose 0.1% month over month and 3.4% year over year, both in line with market expectations. Core CPI eased to 2.5% year over year. Producer prices were flat, while core PPI rose 4.2% from a year earlier, also matching expectations.
The report says the two softer readings strengthened the case for a September pause and pushed bond yields lower, which should support risk assets over a medium-term horizon. But the data were “in line,” not “below expectations.” Coinstack also notes that the three dissenters from the July 29 FOMC meeting have not softened their public stance and that inflation remains well above the Fed’s 2% target.
SEC canceled vote on crypto rule
The SEC canceled its planned Aug. 14 open meeting on the proposed “Crypto Regulatory Framework,” which the report describes as the agency’s first formal crypto-specific rule. A tokenization innovation exemption was also delayed indefinitely.
Coinstack says the proposal was postponed, not withdrawn. It points to the CFTC’s Innovation Advisory Committee meeting on Aug. 20 as a possible venue to address part of the regulatory gap for commodity-linked digital assets.
On the legislative side, the report says the CLARITY Act faces a Sept. 15 cloture test and is not expected to reach the 60-vote threshold. In Coinstack’s reading, both the rulemaking path and the legislative path stalled within the same two-week window.
Trump expected to meet crypto executives on Aug. 19
Coinstack says President Trump is expected to attend a Wednesday White House meeting with executives from Coinbase, Ripple, Gemini, Kalshi, Chainlink Labs and a16z. SEC Chair Atkins, CFTC Chair Selig, Treasury Secretary Bessent and Commerce Secretary Lutnick are also expected to take part.
The report casts the event as a prelude to the first CFTC Innovation Advisory Committee meeting on Aug. 20 and says it signals continued executive-branch interest in advancing crypto policy. At the same time, it notes that the summit is a gesture rather than a vote. On Polymarket, the probability that the CLARITY Act passes in 2026 remained at 19%.
Market structure points to defense, not broad exit
Based on CoinStats data compiled on Aug. 15, the top 20 cryptocurrencies had a combined market capitalization of $2.087 trillion. Bitcoin accounted for 60.84%, Ether for 10.88%, and USDT plus USDC for about 12.2%. That puts the combined share of Bitcoin and dollar-pegged stablecoins at 73% of the top-20 market cap.
Coinstack says the concentration suggests capital is staying defensive rather than leaving the asset class outright. The report points to narrow and isolated gains in names such as Chainlink, Curve and Worldcoin instead of a broad-based altcoin rally. Until stablecoin share starts to shrink, it says, the mechanics do not support an “alt season.”
Jackson Hole has become the key narrative
Coinstack says the market’s main focus is now the Jackson Hole setup. Fed Chair Kevin Warsh is expected to give his first Jackson Hole speech since taking office during the Aug. 27-29 event. That follows a July 29 policy meeting in which rates were held steady by a 9-3 vote. Traders are looking for a clearer signal on the September FOMC meeting.
The report lays out both sides. On one hand, two softer inflation prints and a decline of 23,000 in July nonfarm payrolls could give Warsh room to shift in a more dovish direction. On the other, Coinstack says Warsh has reduced forward guidance since taking office, while three hawkish dissenters are still speaking publicly. A cautious speech, the report says, could trigger a sell-the-fact response.
Solana ETFs are diverging from BTC and ETH
While Bitcoin and Ethereum funds lost money, U.S. spot Solana ETFs pulled in $10.26 million last week. Cumulative net inflows into SOL ETFs had reached $1.16 billion as of Aug. 14.
Coinstack calls this a quiet divergence. The report says the first step in Solana’s Aug. 17 mainnet upgrade cuts slot time to about 350 milliseconds. It also says the market expects more Solana ETF filings and that tokenized equity shares on Solana continue to add real usage.
The report also flags risks. Solana company filings showed a $30.3 million impairment loss tied to SOL in the second quarter. If Bitcoin falls below $60,000, Coinstack says correlation could weigh on SOL even with a supportive fund-flow narrative.
How Coinstack reads the ETF split
When Bitcoin ETFs are bleeding while Solana, XRP and HYPE ETFs are still taking in money, Coinstack says the signal is rotation rather than abandonment. In the week through Aug. 14, three of the six crypto ETF categories tracked by SoSoValue posted net inflows. The U.S. dollar, the report adds, remained near recent lows.
For investors, Coinstack’s takeaway is that during mixed-data periods, BTC-led outflows often reflect rebalancing. Allocators may be moving toward smaller asymmetric opportunities instead of exiting crypto exposure altogether. That is why the report argues investors should follow SoSoValue’s category-level weekly snapshots, not just the Bitcoin headline number.
Other market developments this week
- Cboe BZX applied to list 3x leveraged Bitcoin and Ethereum ETFs.
- Strategy sold another 1,690 BTC for $108.6 million, its fourth reduction in 2026, and raised $653 million through a new equity offering.
- The amount stolen in the Coldcard exploit rose to 1,816 BTC, or about $116 million, affecting more than 5,200 addresses.
- Circle’s Arc mainnet is still scheduled to launch on Sept. 16 with 11 founding validators.
- Riot’s Bitcoin mining platform signed a 20-year, $9.1 billion lease with a leading frontier AI lab at its Rockdale campus.
The next two weeks
Coinstack says mid-August produced an unusual mix: softer inflation, softer labor data and softer regulatory momentum, yet no lift for risk assets. In its view, that divergence shows allocators are waiting for Jackson Hole rather than stepping in front of the trade.
The report says the next two weeks will test whether Warsh turns dovish or holds his line, and whether the CLARITY Act can still move during its September window. Coinstack also states that the newsletter is published every Tuesday and that nothing in it constitutes financial or investment advice.
