Bitcoin ETFs attract $298 million on August 17

US spot Bitcoin ETFs recorded a net inflow of $298 million on 17 August, according to data from SoSoValue. At the same time, $30.85 million flowed into US spot Ethereum ETFs. The inflow coincides with a slight recovery in the Bitcoin price, which stands at around $64.800 at the time of writing, up 1.1% in 24 hours.

In short:

• US spot Bitcoin ETFs recorded a net inflow of $298 million on 17 August
• Ethereum ETFs saw a net inflow of $30.85 million on the same day
• Bitcoin is trading at $64.800, up 1.1% in 24 hours

Inflow returns after weeks of pressure

The $298 million inflow into Bitcoin ETFs is notable after a period in which the funds came under considerable pressure. Earlier, an outflow of $390 million was recorded in a single week, which makes the current recovery all the more striking.

According to the SoSoValue chart, total assets under management in US spot Bitcoin ETFs stand at around $78.67 billion. Daily inflows and outflows have fluctuated sharply over the past few months, but the 17 August inflow is one of the larger green days in recent weeks.

Ethereum ETFs follow with smaller inflow

The Ethereum ETFs present a more modest but positive picture, with a net inflow of $30.85 million. That is a fraction of the Bitcoin inflow, but it does show that investors are also interested in physically backed Ethereum products. The Ethereum price has been at a technically sensitive level for some time, which could partly determine the direction of future flows.

Bitcoin has meanwhile been trading in a relatively narrow price range for some time. The coin has barely moved outside a range of $3.000 in recent weeks, raising the question of whether the ETF inflow has enough momentum to break out of that range.