U.S. spot Bitcoin ETFs attracted $853.5 million in net inflows over five days, led by BlackRock's IBIT amid declining rate hike expectations.
Summary
- U.S. spot Bitcoin ETFs saw net inflows of $853.5 million over five days last week, according to SoSoValue.
- BlackRock's IBIT captured about $690 million of that total, accounting for roughly 80% of the week's inflows.
- Bitcoin was trading at around $65,000 on Monday, approximately 48% off its all-time high from October 2025.
In a significant week for U.S. spot Bitcoin ETFs, the funds attracted $853.5 million in net inflows over five days, reversing a previous outflow of $61.5 million. This brings the total net inflows since the launch of these products to $52.18 billion.
BlackRock's IBIT led the charge with approximately $690 million, while Fidelity's FBTC brought in $41 million. However, Invesco's BTCO and VanEck's HODL recorded losses of $19.4 million and $10.6 million, respectively.
As the week progressed, daily inflows decreased, dropping from $128.7 million on Thursday to $98.9 million on Friday. By the end of the week, the total assets in these funds reached $79.5 billion, representing about 6.1% of Bitcoin's market capitalization.
Tim Sun, a senior researcher at HashKey, noted that the inflows suggest a return of institutional investors to Bitcoin following a brief dip in the AI sector. He linked these movements to portfolio rebalancing and basis trading, while also emphasizing the impact of weak U.S. job data and reduced expectations for interest rate hikes on market sentiment.
Market Context
Recent labor statistics show a decrease of 23,000 jobs in July, contrasting sharply with forecasts of a 95,000 job increase. This has altered the odds of a rate hike in September, which fell from 55% to 40% before rising to 46% on Monday.
Sun expressed caution, suggesting that while the recent inflows are promising, they do not definitively signal a trend reversal. Meanwhile, CoinShares' head of research, James Butterfill, indicated that the lows of the current cycle might be behind us, yet he warned that an immediate price surge is not guaranteed. He expects Bitcoin to trade within a range for the next few months, potentially approaching $80,000.
On Monday, Bitcoin was priced at around $65,100, reflecting a slight increase of 0.4% for the day. Butterfill also noted a trend of accumulation among large holders, or whales, following significant selling activity since October 2025. Last week saw $1.05 billion in inflows into global digital asset investment products, marking the fifth consecutive week of positive inflows, suggesting a phase of capitulation followed by re-accumulation.
According to Butterfill, renewed inflows and whale accumulation indicate a potential end to Bitcoin's cycle lows, but sustained growth will require stronger macroeconomic support.
The Coldcard Theory
Bloomberg ETF analyst Eric Balchunas proposed an intriguing theory linking the recent inflows to the Coldcard exploit, which has seen Bitcoin drained from secure wallets. He noted that the inflows into IBIT and FBTC since the exploit suggest a possible connection, making it one of the best weeks for inflows since October. Balchunas remarked that it would be ironic if a security breach sparked a new market upswing.
